Patel is Rothschild’s third Morgan Stanley hire
Rothschild Private Bank has hired Nandu Patel
from Morgan Stanley as a managing director – its third hire from
the Wall Street bank in two weeks.
Patel, who has been at Morgan Stanley Private
Wealth Management since 1990, was most recently co-head of one of
the US bank’s UK-based adviser teams. He makes the move in
June.
Last week, Helen Watson and James Morrell,
both joined Rothschild Private Banking & Trust from Morgan
Stanley last week, Watson as a managing director. Mark Kray joined
at the same time from asset manager Polar Capital, where he was
CEO. He is also a former Morgan Stanley banker.
The hires are part of plans to double
Rothschild’s assets under management, which currently stand at
€10.5 billion ($14.29 billion), in a fragmented UK market. It has
doubled its relationship managers in the last two years and client
numbers have grown 30 percent to around 600. It has. Target clients
are entrepreneurs, senior executives and wealthy families with
around €5 million in investable assets.
“Nandu is another significant hire for
Rothschild,” said Gary Powell, head of the bank’s UK Private
Banking business.
“With twenty years in the industry, he is
highly respected and a valuable addition to our growing team.
Rothschild’s family ownership through seven generations makes us
ideally placed to provide advice to sophisticated high-net-worth
individuals and families with complex investment and wealth
planning requirements.”