John Derrick, a former senior vice president at Swiss bank Lombard Odier, has been appointed director in the ultra high net worth and family office business at Barclays Wealth, WealthBriefing can exclusively reveal. 

Derrick worked at Lombard Odier from May 2008 until June this year, when he started at the UK wealth manager. Prior to Lombard Odier, Derrick worked as a senior vice president at Auda Advisor Associates, the hedge funds and private equity fund of funds business of the Harald Quandt family office. Before this he ran the fine wine division at wine merchant Bibendum for three years, and before that he worked at Goldman Sachs as a top investment banker in the European equity capital markets division.

At Lombard, Derrick was involved with setting up the bank’s custody platform which integrates deposited assets like equities and bonds, with passion investments such as artwork, wine, yachts and airplanes. Clients can gain access to their electronic portfolio at any time in order to monitor performance and risk across all their assets.

It is another blow for the Geneva-based private bank after it lost chief executive Sally Tennant to UK rival Kleinwort Benson in September, where she was brought in as chief. A spokesman for Lombard Odier said the bank has been expanding fast globally and in the UK. It has made a number of senior hires in recent months including Frederic Rochat who took over from Tennant as head of Lombard Odier in London last October, and Vincent Duhamel who joined as head of Asia Pacific & Japan from SAIL Advisers in February.

Barclays Wealth has been rapidly developing its ultra high net worth business. Last July, it announced that Stefanie Drews was taking up the newly
created position of head of ultra high net worth, UK and EMEA. She joined from Morgan Stanley Wealth Management. (To read an interview with Drews about this business unit, click here).