Brown Shipley, the UK private bank, is opening an office in Birmingham after hiring a team of five wealth management professionals from Deutsche Tilney.

The team is led by David Craig, who has been appointed private client director. He will report to John Williams, Brown Shipley’s private client divisional director. The four other team members joining the Birmingham office have yet to be named. The office in Birmingham’s city centre is expected to be operational in three months’ time, Brown Shipley said in a statement.

Brown Shipley expects that the new office will have £150 million ($295.6 million) funds under management within its first year, providing high net worth clients with discretionary managed investment portfolios, fund management, pension, estate planning and banking services.

Brown Shipley is an established private bank with nearly 200 years of history. It also has client offices in London, Manchester and Leeds, with £2.5 billion funds under management. It is owned by KBL (Kredietbank Luxembourg), a European private banking group.