Barclays Wealth & Investments has lost a number of its senior wealth managers to rival Julius Baer, Citywire Switzerland's sister website Wealth Manager has revealed.
The former Barclays directors will open regional offices for Julius Baer in Manchester, Leeds and Glasgow, alongside a smaller operation in Belfast.
Wealth Manager understands that at least eight Barclays team-members have left the firm for Julius Baer. These include North head Callum Brewster and Leeds boss Martin Cuthbert.
Other names believed to have left Barclays are Simon Patterson, a vice president based at Barclays' Newcastle office, along with fellow Newcastle director Andy Miller.
James Bailey, Mark Embley, Gordon Scott and Jonathan Dobbin are also rumoured to have quit as directors at Barclays' Manchester, Birmingham, Glasgow and Belfast bases respectively.
Charlie Hague, a director at Barclays' Leeds office, is another name rumoured to have left.
Barclays confirmed that there have been departures, but refused to comment on the names or the number of vacancies.
This comes shortly after Julius Baer boss Boris Collardi said that the UK is at the top of the private bank's radar screen right now.
Julius Baer has confirmed that it is opening the new branches, but would not disclose the names or the number of individuals it had hired to spearhead the regional push. It is understood that the firm will populate the four new bases with up to 30 staff.
A statement from Julius Baer said: 'The newly hired relationship managers all have proven track records and will be joining Julius Baer over the coming months, operating out of premises that have been identified and which are expected to open later this year.'
Outlining its thinking for the new divisions, Julius Baer noted that two thirds of the UK's wealth is held by individuals outside of London and the south east.
Julius Baer's head of Europe, Yves Robert-Charrue, described the move as another step in the company's growth strategy and suggested that the new wealth team had been attracted by his firm's 'pure wealth management model'.
'The UK, with its deep pool of talent in financial services, is a strategic location for investment and growth. We are committed to building a strong business for the long term and serving clients across the whole country,' Robert-Charrue said.
Julius Baer International chief executive, David Durlacher (pictured), added: 'We are excited to make such an important addition to Julius Baer's already strong UK business.
'I am delighted we have attracted a number of very high calibre individuals and especially that we will be able to form strong and lasting client relationships across the country.'
Julius Baer currently employs 200 people in the UK, but sterling-denominated client accounts amount to just 4% of its business.