Lloyds Banking Group, which is looking to raise the profile of its UK and overseas wealth management arm, has announced a new senior management roster for the UK.

London-listed Lloyds Banking Group today announced its senior management team for its UK wealth business, saying it intends to triple its number of clients and be the primary wealth advisor to more of its clients by 2014.

Earlier this year, as reported here, the bank – now 41 per cent owned by the UK taxpayer – said that Philip Grant had been named managing director of the domestic wealth business while Russell Galley was appointed managing director of the international arm. Grant previously worked at Lloyds’ private banking unit in the UK, while Russell worked in savings, investment and protection at the group's UK retail business.

The UK Wealth senior management team includes five new appointments and five appointments to similar roles that they held in the group’s previous UK private banking business or international private banking arm. The new appointments are:

Steve Ayers, head of region – private banking, London and South East; Alan Flint, head of region – private banking, North; Willie Raeburn, head of region – private banking, Scotland; Jo Perry-Taylor, head of region – private banking, Wales and West; and Stuart Moseley, commercial director.

Other appointments are: Malcolm Glaister, head of key clients; Mark Miles, head of UK high net worth; Simon Clark, head of direct advice and service; Gary Sutherland, director, wealth management – personal; Simon Uings, director, wealth management – corporate and commercial.

“We have increased the number of roles directly responsible for managing and developing our client relationships.  Each appointment improves our client offering and the team in concert is more than the sum of its parts. It will help us reach our objectives to become the primary wealth advisor to more of our clients,” Grant said.

The UK Wealth businesses include Lloyds TSB Private Banking and Bank of Scotland Private Banking.

When Lloyds announced its review of its wealth management business in late June, this came at the same time that JP Morgan announced it was launching a wealth management business in the UK to be modelled on its existing US business. This highlights the continued growth of wealth management in the UK despite slower growth of high net worth individuals' assets over the past year (source: Merrill Lynch/Capgemini World Wealth Report 2011).