German private bank ups UHNW focus

German private bank Berenberg has appointed an expert in ultra-high net worth clients to its wealth management team, as it sees a surge in its client base.

The Hamburg, Germany-based bank has hired Charlotte Baird as an associate director for its UHNW operations. She previously worked at Deloitte, where she dealt with wealthy families and trusts both in the UK and abroad.

Ross Elder and Fred Harvey, co-heads of Berenberg’s London private banking team, told CampdenFO: “The appointment comes at a time when the bank as a whole continues to see an increase in the number of UHNW clients in the UK and Europe”. But the bank was unwilling to give any numbers on its growth.

Berenberg has also launched a family office offering for its UK clients, to focus on UHNW clients who are multi-banked.

Consilisto, a 100% subsidiary of Berenberg Bank, specialises in providing an independent administrative service and strategic guidance so clients can make their own decisions on investments.

Berenberg Bank was founded in 1590, and had assets under management of €3.2 billion as on 31 December 2010.