Chelsea Financial Services head of investment products Matthew Woodbridge is leaving to join Barclays Wealth.
Last week, Moneymarketing.co.uk revealed Woodbridge, who joined Chelsea in 2000, is leaving on April 5 to join Barclays Wealth as a vice-president.
He will be responsible for product development and res-earching tax-efficient vehicles such as venture capital trusts and enterprise investment schemes as well as analysing structured products.
Woodbridge will mainly focus on Barclays Wealth’s private client offering rather than the retail business. He will report to head of tax and development Keith Wilson.
Woodbridge says: “I have enjoyed my time at Chelsea Financial Services but I felt the time was right to move on. I am looking forward to joining Barclays Wealth and the challenges that lie ahead.”
A Chelsea spokeswoman says: “We wish Matthew well at Barclays Wealth.”
Hargreaves Lansdown investment manager Ben Yearsley says: “This is a loss for Chelsea as Woodbridge knows the VCT sector well. Barclays Wealth deals with a lot of VCTs and so he will be a good addition to the Barclays department.”
Barclays Wealth services both intermediaries and private clients and manages £3.7bn of retail client assets, according to statistics from the Investment Management Association.
This week, it launched five risk-rated model portfolios for intermediaries, with a minimum investment of £25,000. The model portfolios are available on Ascentric.