Schroders Private Bank has continued its raid on Bank of America Merrill Lynch and other bulge-bracket banks to expand its team of client-facing bankers by 25%.

Michael Dobson, chief executive of Schroders, the UK-quoted asset management group of which the private bank is a part, said: "We are bringing in a few people to the private bank, we have hired people there in the last few months. These are frontline relationship bankers."