Charles Stanley is in talks to take on a number of Cardiff-based Barclays Wealth and Investment Management investment managers and open an office in the Welsh capital, Money Marketing understands.
The wealth manager is understood to be working towards opening a Cardiff office by April 2014 and is currently in discussions with Barclays investment managers about them moving across to the new office.
A Charles Stanley spokesman says: “Charles Stanley is an acquisitive business and we are always looking for the right kind of investment management teams to join our established business. An area like Cardiff would certainly fit within our network structure.”
Charles Stanley currently has around 400 investment managers across 32 offices in the UK but currently as yet has no Welsh premises.
Barclays Wealth recently announced it was cutting 100 private banker jobs as it looks to further streamline its wealth management services.
Barclays has also announced it is to stop offering wealth management services in 130 countries to focus on a core 70 countries.
PMI Independent Financial Advisers director John Stewart says: “The Barclays guys coming in will have good experience and compliance procedures and the transition should be fairly seamless.
“Clearly a major part of the move would be the client connections Barclays wealth advisers already have in place, meaning they can hit the ground running when the new office is opened.”