Three bankers defect from Barclays Wealth

Steve Dinneen
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THREE Barclays Wealth bankers have quit the firm to join boutique wealth management service Vestra Wealth.

Andrew Palmer, Bandish Gudka and Oliver da Cunha have all been hired as portfolio managers in Vestra’s London office in a move that will be seen as a slap in the face for the bigger bank.

The team managed UK and international resident non–dom accounts for Barclays Wealth.

Vestra has grown its assets under management by around £1bn a year since it was founded in 2008 and says it will break the £3bn barrier this year. Sources close to the firm say the move is part of a wider industry trend of bankers defecting from large institutions to work for boutique banks.

A year ago Vestra settled out of court with UBS after managing partner David Scott left with 60 people to set up the firm.

Andrew Palmer, representing the three bankers, said: “Having worked together for a number of years we joined Vestra as a team, combining our specialist skills to add value to our clients. We were attracted to the entrepreneurial culture that David Scott has created, where the firm’s interests are very much aligned to the client’s.”