The bank named the first non-German as managing partner (with a stake in the bank) since the lender was founded in 1590. Berenberg, which provides services including private banking and wealth management, is one of the oldest banks in the world.

Berenberg, the German bank, has appointed David Mortlock and Christian Kühn as the 39th and 40th managing partners in the 430-year history of the bank. Mortlock is the first non-German to become a managing partner of Berenberg since its founding in 1590. He will also take a 5 per cent stake in the bank. 

Based in London’s Threadneedle Street, the investment bank division led by Mortlock employs 500 people. The overall bank, which is based in Hamburg, employs around 1,500 people.

The new appointments have been cleared by the European Central Bank and German financial regulator BaFin and agreed by Berenberg’s shareholders, Berenberg said in a statement yesterday. 

Mortlock and Kühn join a management board made up of Hans-Walter Peters (and the bank’s spokesman of the managing partners) as well as Hendrik Riehmer. Peters, who is also the president of the Association of German Banks, will step down as managing partner at the end of 2020. He will go on to become chairman of Berenberg’s Advisory Board. 

From 2021, Mortlock, Kühn and Riehmer will share the responsibility of managing the bank equally. The three managing partners are also shareholders in the bank.

Riehmer is responsible for Berenberg’s wealth and asset management as well as corporate banking, while Kühn remains in charge of risk, information technology and compliance. In London, Mortlock will continue to be in charge of Berenberg’s investment bank.

Mortlock has been with Berenberg since 2010. He became global head of equities in 2013 and has been a member of the extended management board since January 2017. After studying business and management at the University of Bradford, he undertook various roles at financial service firms, including Schroders and Citigroup. 

Kühn has been with Berenberg since 1997. He became head of controlling in 2007 and division head in 2013. He has been a member of Berenberg’s extended management board since January 2017. After completing a bank apprenticeship and studying business administration, Kühn began his career at what was then Landesbank Schleswig-Holstein. He also sits on the board of the Hamburg banking association Bankenverband.