Germany’s oldest private bank launches UK private banking operations
London. Berenberg Bank today announces the launch of its private banking operations in the UK and the appointment of two new managing directors to head the development of its services. The private banking services will sit alongside the UK investment banking operations that have been based in London since 2003.
Berenberg has a thriving private banking business in Germany and international operations in Switzerland and Austria. It was awarded ‘best private banking provider in Germany’ by Euromoney in 2010 and a global private banking award for ‘one of the world’s most innovative private banking houses’ by The Banker. Privately owned and with 1000 employees, the bank is known for its traditional culture and innovative approach, with a focus on wealth preservation and delivery of real returns for its clients.
The bank sees the UK market as a strategic next step in developing its international private banking operations and will provide a full advisory service. Andreas Brodtmann, one of the bank’s three Managing Partners, with responsibility for private banking, commented “The German private banking market is highly competitive and for this reason well known for its high standard. Berenberg, as a highly ranked independent private bank, now offers this quality for example in strategic asset allocation in the UK. We already advise a large number of foreign investors, who respect our banking style, especially in terms of customised service. The UK offers a dynamic entrepreneurial market for us, with good long-term prospects for wealth creation, within which we can add significant value to our clients.”
Ross Elder and Fred Hervey, both formerly at Barclays Wealth, will be heading the private banking team from the bank’s UK headquarters in Threadneedle Street, London.
Elder commented, “The focus of the service will be on delivering asset management and tax advisory expertise at the highest level, supported by the bank’s innovative IT systems. We believe the security of Berenberg as an institution makes our offering attractive for clients looking for an alternative wealth manager, particularly entrepreneurs, overseas clients living in the UK and UK domiciled professionals. We know that the demand is there for this service based on our experience and we are confident that we will create a successful operation.”
Hervey commented, “Berenberg offers a unique and flexible approach to private banking in the UK, a new dimension to what is currently on offer. As a privately owned bank its independence allows its staff to be entirely focused upon its clients and its financial strength gives a clear message to clients that their assets are in safe hands. The bank’s culture focuses on personal commitment, trust and responsibility which enables us to be relationship-led as opposed to sales-led with our clients.”
The origins of Berenberg Bank date back to 1590 when it was founded in Hamburg and it has one of the richest traditions in the banking world, having survived four centuries of social, political and economic change. It has a balance sheet total of 3.4 billion euros and assets under management of more than 25 billion euros, with a high core capital ratio of 13.5% reflecting its conservative business practices and the effective management of its own assets. The management believes that its status as a privately-owned bank sets it apart within the UK banking environment and that its membership of the EU stands it in good stead, with high levels of regulatory scrutiny. It will be holding banking deposits in Hamburg.
Notes to editors:
• Please see attached ‘at a glance’ briefing document
• Photos are available on request
• Biographical details as follows:
Andreas (aged 47) is one of the three Managing Partners of Berenberg Bank and is based in Hamburg. He is responsible for all private banking activities in Germany and abroad. He joined Berenberg in 1992 from Norddeutsche Landesbank where he had been a portfolio manager with responsibility for German institutional clients for ten years. When he first joined Berenberg he was responsible for the international private banking arm of the bank and international institutional clients. He then became responsible, as a member of the executive board, for international investment management and the international private banking for the group. From 2003 to 2007 he was member of the executive board of Berenberg Bank (Schweiz) AG. In January 2007 he became one of the three Managing Partners of Berenberg Bank and today he is also chairman of the board of Berenberg Bank (Schweiz) AG.
He is married with two children and enjoys playing tennis, skiing and classic cars. He is a member of Rotary.
Ross (aged 35) started his career as an Assistant to the Chief Executive of James Capel in 1997 (now HSBC Investment Management), and by 2000 had begun to run discretionary portfolios of his own. He was responsible for winning new business, managing client relationships and running discretionary and advisory balanced portfolios. He also had responsibility as a buy side analyst for the Leisure sector. In 2002 he set up the Advisory Derivatives Business for HSBC's private clients. He was made a Director at HSBC Investment Management at the age of 30.
Ross became a Fellow of the Chartered Institute of Securities and Investments (CISI) and successfully completed the Chartered Financial Analyst exams. He is on the Panel for the CISI Fund Management Exam (ie Fund Management exam specifically).
Ross moved to Barclays Wealth at the beginning of 2006 as a Director and completed his training as a Private Banker. He became a trusted advisor to high and ultra-high net worth individuals, offering full service private banking, from cash management, FX, discretionary and advisory portfolios, hedge funds, private equity to financial planning, and philanthropy. Ross went on to run a team of bankers in 2008.
In 2009, Ross was ranked as one of the ‘40 stars under 40’ in a European wealth management survey by wealthbriefing.com. Ross was born in Germany and studied Economics at Anglia University. He is married with a young family and enjoys mountain climbing, ski touring and aerobatic light aircraft flying.
Fred (aged 37) began his career in the wealth management world at HSBC Investment Management in 1998 where he worked for seven years. He became a Director with responsibility for discretionary portfolio management, handling portfolios for private clients, trusts, small charities and pension schemes
He moved from HSBC in 2005 to join Barclays Wealth and was most recently as a Vice President managing a team of bankers focused on high net worth individuals as well as looking after his own client base. As a Pod Leader, Fred managed a team of 14 people to include seven bankers and relevant support staff.
As a Private Banker at Barclays Wealth, Fred looked after clients with assets in excess of £3m and managed one of the largest book of client portfolios. His clients came from a diverse range of sectors ranging from entrepreneurs, financial professionals, senior executives to family business owners. Fred has always taken pride in providing an exceptional service to his clients, catering for all of their banking needs.
He has a degree from the London University in Economics and Management and has completed the CISI Diploma. He was born in Germany and is married with a young family. In his spare time, he enjoys skiing, polo and travel.
For more information, pictures or interview requests, please contact Paratus Communications:
Emma Wheeler on 07789 997554/ 020 7404 6691
Joachim von Halasz on 07880 557700/ 020 7404 6691
Dominic Shales on 07976 248321
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