UBS Wealth Management has expanded its UK regional network with the launch of a new office in Leeds, a city which the bank regards as a vibrant opportunity for the bank owing to its impressive wealth base.

A team of six will man the new office, led by Jonathan Sherlock, who heads both the Manchester and Leeds offices. All the appointees have significant local experience and will serve high net worth clients across the Yorkshire and Humberside region, according to an internal memo seen by WealthBriefing.

UBS puts the wealth of the Leeds region at around £7 billion ($11.4 billion), and it is additionally the UK’s largest financial and professional services centre outside the capital. The region also boasts strong retail and media sectors, as well as being a manufacturing powerhouse.

Several firms have been aggressively expanding in the UK regions in recent times, Coutts being one noteworthy example, as cities other than London grow in wealth. Places such as Poole in the southwest are popular retirement destinations among HNWs, while Reading is feted as the “Silicon Valley of the UK” with its large number of information technology entrepreneurs.

Last month Brewin Dolphin reportedly made expansionary moves at its Leeds office, appointing Paul Martin from Barclays Wealth as divisional director, along with three ex-colleagues. The hires took Brewin’s Leeds headcount to 40.