Private bankers hit the provinces
Fancy escaping the City? Now might be the time, if you're a private banker. The growing affluence of cities like Birmingham, Bristol, Manchester, Leeds and Newcastle has prompted private banks to open more regional offices.
Somerled Macdonald, a partner at executive search firm Redgrave Partners, said in a story on eFinancialCareers that despite the gloom, millionaire households are increasing exponentially in the UK, and they’re not restricted to Chelsea and Fulham. This has lured private banks out of the City and into the provinces.
Goldman, Kleinwort Benson, Coutts, UBS and Allied Irish are all in Birmingham. And in April Brown Shipley unveiled plans to open a new Birmingham office. Today Credit Suisse announced the launch of its Birmingham office.
Enthusiasm for the provinces comes despite the fact that the average West Londoner has twice the amount of cash to spend than the average provincial Joe.
Expansion outside London spells recruitment, says Mark Somers of specialist wealth management headhunter, The Somers Partnership.
“There will always be strong demand for player managers who can gather assets as well as build and manage the team,” he says.
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