Four directors from Merrill Lynch Wealth Management’s London-based discretionary business have resigned, WealthBriefing has learnt.

The names of the directors concerned are understood to be Rob Rydon, Tim Gibbons, Alex Roe and Graham Harrington; details of which firm the four may be joining are as yet unknown, nor is it clear whether they operate as a team or not.

The resignations follow news from earlier this month that Schroders Private Banking had appointed Andrew Clark, latterly head of discretionary at Merrill Lynch Wealth Management, as a member of the private banking executive committee and the board of Schroder & Co. Reporting to Rupert Robinson, Schroders’ chief executive of private banking, London, Mr Clark is to focus on overall business development in the UK and abroad.

Merrill Lynch, meanwhile, has confirmed that it will be seeking a replacement for Mr Clark. “The team will continue to be managed by Jeremy Smilg, head of products and wealth solutions for EMEA, and Nick Tucker, head of UK & Ireland, Merrill Lynch Wealth Management. We will be making an announcement about a new head of discretionary in due course,” a spokesperson said.

In addition to Mr Clark, Schroders also recruited Guy Christie, who formerly managed discretionary private client portfolios at Newton Investment Management. Mr Christie will have similar responsibilities in his new role as a senior client director at Schroders and will report to Kate Leppard, team head of relationship management.