UBP in London is gearing up to hire a team of at least 10 from the wealth management arm of Jefferies, thewealthnet understands.

The team is expected to include senior Jefferies bankers including managing director Mark Abbott; Ziad Jiryes, who heads its Middle East business; and James Bull.

The team reportedly looks after more than £1 billion in client assets. The hires are still being finalised and spokespeople for both UBP and Jefferies declined to comment.

Brett Lankester, UBP's London chief executive

thewealthnet reported in October 2019 that Jefferies was “exploring options” in relation to its wealth management business in the UK, including a potential sale.

Swiss bank UBP dramatically expanded its London operation in July 2018, when it announced it had bought £2 billion-AUM investment boutique ACPI, which was founded in 2001.

ACPI’s chief executive, Brett Lankester, then became the chief executive of London for UBP.