Edinburgh-headquartered asset manager Baillie Gifford has opened its first client office in mainland Europe at a time when many British firms rejigging their international strategies because of Brexit.
David Gaschik, marketing director for Germany and Austria, will be based at the new office in Frankfurt.
Baillie Gifford currently has 35 clients in 12 European countries representing €10bn or about 5% of total AUM.
Andrew Telfer, joint senior partner, Baillie Gifford said: “Building Baillie Gifford in Europe will allow us to put down roots where we can be closer to our clients and support them with a depth of local expertise and stronger relationships.”
The group hopes the office will provide a gateway to Europe for the firm, with additional salespeople joining the DACH team – covering Austria, Germany and Switzerland – later this year. It follows the opening of a Dublin office in March this year.
Gaschik will look after existing relationships and drive future expansion for Baillie Gifford focusing on financial institutions and the wholesale sector. He was previously at First State Investments where he led its German business for six years, and before that he was at UBS Germany as head of wholesale distribution.