As well as looking after UK clients, the bank said in a statement the team will also serve international clients from London. “With this move, Berenberg creates a further hub for its international clients, in addition to the subsidiary Berenberg Bank (Schweiz) AG in Zurich and Geneva,” it said.

Berenberg’s International Private Banking division is led by Dr Peter Raskin, who is also the chief executive of Berenberg Bank (Schweiz). In London there are now three teams: International Clients (led by Alexis Chardigny, who joined Berenberg in July from Morgan Stanley); UK clients (led by Richard Brass, who joined in 2011 from Schroders Private Banking) and Investments, Operations & Compliance (led by Fred Hervey, who joined from Barclays Wealth in 2010 and who, with Ross Elder, established Berenberg’s Private Banking department in London).

“Elder has left Berenberg as part of the restructuring process, to explore new opportunities,” the firm said.

This publication had heard earlier yesterday from a source familiar with the matter that Elder had resigned from the bank.

Berenberg, which has a total of 1,100 employees in 17 offices, has total assets under management of more than €28 billion ($38.1 billion). The bank dates its origins to 1590. It opened its London office in 2003 and launched its London-based private bank in 2011.