People Moves
Kleinwort Benson Chief Executive Steps Down
Kleinwort Benson's chief executive officer Sally Tennant is stepping down to take on a new role with the bank as senior advisor.
Kleinwort Benson's chief executive officer Sally Tennant is
stepping down to take on a new role with the bank as senior
advisor.
She will be succeeded by Martha Boeckenfeld, who is currently
chief financial officer at the bank's parent company RHJ
International, subject to regulatory approval, Kleinwort Benson
said in a statement.
Boeckenfeld will be responsible for overseeing the integration of
the group’s recent acquisition, BHF-Bank and assumes the role in
addition to her existing position as CFO of RHJI.
London-based Tennant has been in the post since late 2011 after
she had joined from Lombard Odier in London. She is one of the
most high-profile women in the UK wealth management industry. To
see an interview this publication had with her, click here.
Kleinwort Benson's wealth management unit recorded
pre-tax losses of €16.8 million ($23.2 million) in 2013,
which it attributed to the challenging low interest rate and
tight credit spread environment as well its programme of
investment in banker hires and systems infrastructure
enhancements.
Last week, RHJ International completed its acquisition of
BHF-BANK for €340 million, giving parent company Kleinwort Benson
a 91 per cent stake for a cash consideration of €309.4
million.
RHJI has contributed €143.6 million of cash and retains a 65.78
per cent stake in KBG. Chinese investor Fosun took a stake of
19.18 per cent for a total cash contribution of €98.5 million,
while German entrepreneur Stefan Quandt has a 12.4 per cent stake
in KBG for a cash contribution of €63.7 million. The entities
affiliated with Timothy Collins, comprising Windmere and Collins
Trust, hold a 2.65 per cent stake, reflecting total cash
investment of €13.6 million.
