Throwing money at private bankers

Some of the UK's biggest banks and accountancy firms are prepared to fling cash at private bankers who can bring contacts and experience to Scotland's affluent elite.

One senior banker told us: "It is getting really aggressive. There is a massive push going on right now to hire for Scotland."

Bank of Scotland is on the record as wanting to add around 15 bankers to its Scottish team, in addition to the 15 it added last year. Barclays has not only announced that it is moving 500 back office jobs in its wealth unit up to Glasgow but it has also looking for private bankers as well - most recently taking two from Royal Bank of Scotland.

Meanwhile, tax advisory firm Grant Thornton recently hired Darrel Poletyllo away from Edinburgh firm Chiene & Tait to head up its push into the financial planning for its wealthy clients.

One firm is even recruiting for its Scottish team below the radar in Leeds. Independent Appointments is looking to fill multiple vacancies with salaries up to 65,000, with car and pension on top. It is specifically after candidates with experience advising on clients on investments.

Margaret Dyer, Scottish director of Joslin Rowe believes the surge in demand is systematic of a wider global trend. She told us: "Continuing stability and a notable increase in investible assets are the main reasons for the recent demand across the private banking sector. It's not just a Scottish or national trend - it's happening globally too, and there is a definite transfer of talent occurring between countries as firms fight to attract the best talent."