Credit Suisse has appointed Richard Killingbeck as head of its regional UK private banking business with immediate effect. He succeeds Richard Algar who is to relocate to London to lead Credit Suisse’s private banking business focused on entrepreneurs and corporate executives in the UK.

Killingbeck was latterly chief executive of Close Brothers’ private asset management business, a role in which he oversaw the management of high net worth private clients, small pension funds and charities. Before this he had been with Singer and Friedlander, where he was CEO of the investment management business for four years.

As managing director and head of the regional UK private banking business, Killingbeck is charged with developing Credit Suisse’s wealth management operations in the UK regions and will work closely with the bank’s team in the North of England, the Thames Valley, the South West of England and Wales. He will report to Ian Marsh, chief executive of Credit Suisse’s UK Private Banking business.       

“Richard brings a wealth of experience to Credit Suisse. This senior appointment underscores our commitment to the UK regions, which present an increasingly diverse and competitive market,” Marsh said in a statement.

A number of firms have been aggressively ramping up their offerings in the UK regions this year, with one notable example being Quilter. The investment manager, which is part of Morgan Stanley Smith Barney, recently launched a new Salisbury office, and in recent months has appointed regional sales managers for Ireland, Scotland and Jersey, among other hires.