UK brokerage Collins Stewart will poach staff and buy other firms as it seeks to double assets managed for wealthy individuals to 10 billion pounds ($16.3 billion) in three years, according to Reuters.

Neil Darke, head of the company's wealth management arm, was quoted by the news service as saying yesterday that while he was seeking to attract clients from rival houses, a significant proportion of new business will come through mergers and acquisitions.

"It is an ambitious target but it's do-able given some of the targets around," he said.

A number of private banking and investment management businesses are up for sale after the financial crisis. As reported elsewhere today on WealthBriefing, Rathbone Brothers, the UK wealth manager, has bought private client discretionary assets from Lloyds Banking Group, which is working to repay UK government bailout cash.

Meanwhile, financial services groups are boosting wealth management businesses hoping their regular revenue streams offset more volatile activities such as investment banking and stockbroking.

Collins Stewart's wealth business reported £5 billion in assets under management at the end of June this year.