SocGen launches Edinburgh wealth management office

In another vote of confidence for Scotland's wealth management sector, Societe Generale Private Banking Hambros has formally kick-started its new Edinburgh operation, and plans to expand going forward.

The new office, which will be located in St Andrew Square, is headed by Mike Smith and Chris Thomson - former Kleinwort Benson bankers who have been with SG Hamros for over a year now. The bank says that since both men have served the Scottish market for many years, they are "ideally suited" to lead its expansion there.

There are still a number of positives around the recruitment in the Scottish wealth management sector. As well as the raft of people moves in recent months, Barclays Wealth has reaffirmed its commitment to double the size of its wealth and corporate business in north of the border by 2012.

It recently appointed former cricketer Douglas Lockhart in Glasgow to expand its sports division, having previously stated its intention to recruit an extra 15 people over 12 months.

And, despite the redundancies within its back office, RBS-owned Adam & Co said it plans to recruit for client-facing staff, kick-starting with the hire of Steve Pennington and Philip Goldthorp as financial planners.

Ashcourt Rowan, the wealth management subsidiary of Syndicate Asset Management, also unveiled Mark MacDonald as an intermediary relationship manager for its Cupar office this month.