Smith & Williamson, a private client and institutional stockbroker, said it plans to open an office in Glasgow and is apparently in the proc...

Smith & Williamson, a private client and institutional stockbroker, said it plans to open an office in Glasgow and is apparently in the process of hiring a number of former employees of Gerrard Investment Management, according to reports in the local media. The firm plans to hire around 30 staff within the next year and might acquire other operations to grow its business, according to an interview with Chris Lyttelton, the deputy chairman of Smith & Williamson, in The Herald. Smith & Williamson has confirmed it has had talks with a number of the six staff to have left Gerrard since May. The six departures were Graeme Brock, a Glasgow office director and the most recent departure, Stephen Quaile, a former head of the Scottish operation, and directors Colin Lawson, Rowan Braithwaite, Tom Mitchell and Douglas Scott, who all left in May. They are all currently on six-months gardening leave. Gerrard has recently issued a memo to its staff in Glasgow from Mark Kibblewhite, the new regional head, appealing for them to back his vision for the company, or “I don’t want you here.” Glasgow has been the centre of much activity in the private client stockbroker business. Apart from the ongoing Gerrard saga and the recent announcement from Smith & Williamson, Charles Stanley, another private client stock broker, recently opened an office in the city. This is staffed by four defectors from rival broker Aitken Campbell, led by Colin Steedman.