If a private client wants a relationship manager to look after their investments, they should stay with a bigger bank. But if they want an investment manager to look after their relationship, they should switch to a boutique.

That at least is the view of Jamie MacLeod, chief executive of boutique wealth manager Berry Asset Management, who joined the firm in September last year after taking a 20% stake in the company from its major shareholder, Bordier, a 160-year-old Swiss private bank.