Vestra poaches four from Kleinwort
Vestra Wealth, the advisory boutique, has poached four advisers from Kleinwort Benson, including Mike Batchelor, a head of private wealth best known for helping push through its initiative to expand in the regions.
Batchelor will become a partner at Vestra, along with his Kleinwort colleague Joe Davies. Two other Kleinwort advisers, Matthew Guy and Paul Rihal have also agreed to join. Matthew Osobase has signed up from Close Brothers. Chris Stothard and Duncan Wilson have arrived from Brewin Dolphin.
Vestra is led by David Scott, who set it up with former colleagues from UBS this year. It now manages accounts worth £500m. Scott said: "We are delighted to have attracted such a group of high quality managers." Kleinwort spokespeople were unavailable to comment.
Headhunters said the Kleinwort team had not been happy with its stewardship by Commerzbank, who bought control of the firm last year. At one point, Commerzbank had threatened to block 2008 bonus payments, for fear of upsetting the German government, which has provided the bank with financial assistance. However, a fierce rearguard action by chief executive Rob Taylor resulted in a reinstatement of the bonus, at 35% below the level struck in 2007.
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