German private bank Berenberg has launched into the UK. To facilitate the move Berenberg, Germany's old private bank, has appointed former Barclays Wealth Ross Elder and Fred Hervey to head the operation, which will be headquartered in Threadneedle, London.
Berenberg is privately owned and contains 1,000 employees. Its sees the UK market as a strategic next step in developing its international private banking operations and will provide a full advisory service.
Explaining the strategic motive behind the decision Andreas Brodtmann, one of the bank's three managing partners who oversees private banking at the firm, said: '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.'
Berenberg has survived four centuries of social, political and economic changes with its origins dating back to 1590 when it was founded in Hamburg. Its assets under management have swelled to more than €25 billion (£21 billion) over the centuries. It's high core captial ratio of 13.5% reflecting the conservative nature of the business.
Ultimately, Berenberg believe its status as a privately-owned bank will set it apart within the UK banking environment and that its membership of the EU stands it in good stead due to extremely high levels of regulatory scrutiny. It will be holding banking deposits in Hamburg.