Barclays Wealth has confirmed its commitment to its Birmingham operation after recruiting Mark Embley as a private banker from the Birmingham office of UBS.
Graham Nicoll, who was appointed regional centre head of Barclays Wealth earlier this month, said Barclays has finally dropped the name ‘Gerrard’ from its Birmingham operation as part of a shift away from traditional stockbroking to all-round wealth management.
Gerrard, originally Albert E Sharp, has suffered many defections over the years, culminating earlier this year with a team who left of set up a new branch for Smith & Williamson.
Its prominence in Birmingham stockbroking led rival firms seeking to set up or expand in the city look to it as likely source of experienced recruits.
“There have been individuals who have chosen to pursue their careers elsewhere,” Mr Nicoll said. “But over the past 18 months we have brought in 16 client-facing individuals. We are a sizeable operation here in Birmingham.”
He stressed that Barclays Wealth offers a much wider range of services than traditional stockbroker. The heart of it remains investment management, but it also encompasses, among other things, mortgages, lending for “lifestyle needs” such as yachts and structuring estates for inheritance tax purposes.