Berenberg, the German private bank, has added Matthew Stemp to its London team, in a bid to introduce asset management services in the UK alongside its private banking operations it launched at the beginning of the year.

Besides his responsibility in London, Stemp will also work with Berenberg Asset Management in Hamburg, to develop its presence among UK institutional clients.

Stemp previously spent 17 years at UBS Global Asset Management, latterly in charge of developing and managing all client relationships in the UK. Before that, he worked for Fidelity and Lazard Investors.

Earlier this summer, Berenberg hired Richard Brass – latterly of Schroders Private Banking - for its private banking team in London.  

Berenberg, which was established in Hamburg 420 years ago, manages about €25 billion ($36 billion) of client assets. Several members of the founding family work for the bank today.