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Berenberg Eyes Expansion in The UK, Germany to Capitalize on Market Opportunities

Hamburg-based
private bank Berenberg outlined expansion plans in both the UK and Germany,
according to financial results published today (Monday). The 433-year-old bank
aims to increase staff numbers and establish new regional footholds.

UK Investment Banking
Buildout

Berenberg
views industry consolidation in UK broking as an opportunity. The bank has
grown its broking client base to around 70 firms and continues investing in the
country, cited as a "key pillar" of its investment bank. Specialist
staff numbers in the UK grew from 30 in 2020 to 60 in 2023.

Berenberg's
Managing Partner David Mortlock stated "we see a significant opportunity
in UK investment banking, particularly given industry consolidation is now
taking hold."

The
positive outlook on the UK marks a shift from 2022, during which Berenberg
reduced its workforce by 85 in the country through two separate layoffs.
Additionally, last year saw the bank eliminating approximately 20 positions in
the US, coinciding with the closure of its mid-market research department.

Berenberg Targets Munich
for German Growth

In Germany,
Berenberg intends to boost the headcount at its Munich office from 10 to 40
employees. The buildout aims to create a "strong foothold in southern
Germany," according to the company statement.

Areas
covered by Munich will encompass private banking, institutional investors,
corporate clients, portfolio management, structured finance, and investment
banking.

Berenberg
joins other financial services firms in expanding to the south, including
Morgan Stanley, Goldman Sachs, Lazard, and Perella Weinberg, which have all
established offices there.

Financial Results for 2023

Despite
"historically low capital markets activity," Berenberg increased net
profits slightly to €55.4 million, comparable to its 2022 result. Total assets
under management remained almost flat at around €38 billion.

Despite the
closure of the Wealth and Asset Management division in London at the end of
2022, assets under management stayed nearly stable at approximately 38 billion
euros.



This article was written by Damian Chmiel at www.financemagnates.com.