Kleinwort Benson inaugurated private client services at its office in Newbury yesterday. This is the latest phase in its plan to roll out its wealth management product to high net worth individuals across the UK. Robert Taylor chief executive of Kleinwort Benson told WealthBriefing that the Newbury office will offer banking, fiduciary service and investment management. “A conservative estimate would indicate the domestic market in the UK is worth £10 billion a year. “As a business we conduct an extensive amount of market research into consumer trends. Our clients no longer want to get on a train to attend a lunch in London. They want us to be close at hand. Our core market is senior executives, entrepreneurs, high fliers and people planning for retirement.” Mr Taylor said that Kleinwort Benson uses three measures to determine how big the market is. The Revenue & Customs reports that 300,000 individuals declare that they earn more than £250,000 a year. Datamonitor shows that there is an annual growth of 8 per cent to 10 per cent in the numbers of people in the UK earning more than £1 million a year. And thirdly, the growth in high levels of disposable income. In the past few weeks Kleinwort Benson has opened an office in Manchester. It now plans to offer wealth management services in Cambridge, Southampton and Leeds. The Newbury office will focus on high tech entrepreneurs in the M4 corridor. The office will initially be staffed by senior private banker Andrew Wimble who has been with Kleinwort Benson for eight years and private banker Joe Davies, who has extensive experience in hedge funds. Rebecca Constable, who joined yesterday, came from Barclays where she had worked with professional women’s networks. The team joins an existing tax advisory team in the office, which is headed by Peter Stevens.