UBS loses wealth management talent to Cheviot
UBS has seen up to 80 wealth managers from its London office walk out to join new private client business, Cheviot Capital.
WealthBriefing.com reports 50 were leaving, which the bank confirmed, although an additional 30 are believed to be poised to resign.
The website reports that Michael Kerr-Dineen, the former head of UBS-owned Laing & Cruickshank, took the group of 50 senior executives to work on his Cheviot venture.
The London banking exodus may not yet be over as Mr Kerr-Dineen is believed to be speaking to private bankers from other firms to join Cheviot, which aims to have at least 100 staff in place by the end of the year.
