Rathbones, a private client stockbroker managing nearly £11 billion for individuals and trustees, is opening in Birmingham, headed by two recruits from the local office of Citi Quilter.

As reported in The Birmingham Post last month, Mark Atherton and Daniel Faulkner are spearheading the move.

Rathbones has recruited Sally-Ann Gallier, an investment manager at Barclays Wealth, to join them at Temple Point, Temple Row.

Rathbones, part of the listed Rathbone Brothers, has nine offices from Edinburgh to Chichester, but none in central England.

"It is an absolutely perfect fit for us," said Andrew Morris, Rathbones director. "It is a market place we have been looking at hard for some time. We were waiting for an appropriate opportunity. We do have an element of a client base in the region. But it is only an element of what we could achieve with a presence in the Midlands.

"We are delighted that three high calibre individuals have agreed to join us and lead our expansion into Birmingham and the Midlands."

Rathbones is the third national stockbroker to move to Birmingham this year, following Brown Shipley and Smith & Williamson.

Like other private client brokers, Rathbones concentrates on discretionary management services, though Mr Morris said it does give some advice, too. It has been advertising widely for new private clients since stock markets turned down after the American sub-prime crisis broke in August.

Mr Atherton commented: "There are few truly independent British private client investment management firms of any real size left, many of our competitors having passed into the hands of large international banks. Many private clients have borne the brunt of associated staff movements and service and fee changes. We hope the quality of Rathbones' name will attract investment professionals and clients alike in Birmingham and the surrounding area."

Mr Faulkner added: "We will be offering genuinely bespoke investment solutions and discretionary portfolio management services to clients and their professional advisers."