UK wealth management firm Kleinwort Benson has sold its private client tax compliance business to Saffron Tax Partners, a London-based tax boutique, for an undisclosed sum.

Kleinwort Benson’s tax team will be integrated into Saffron, which was set up two years ago, according to a statement by Saffron.

Kleinwort Benson has been making news recently. For example, yesterday, it announced it was appointing Stephen Rothwell – latterly of Schroders Private Bank - as head of wealth management. The firm has also appointed Danny Vogt as chief operating officer - a newly-created standalone role - and John Boyce as chief technology officer. These senior appointments follow those of Mouhammed Choukeir as Kleinwort Benson’s chief investment officer, Jeremy Brown as managing director of wealth management, and Marianne Kafena who will be joining the bank as head of strategic wealth planning in November.

Guy McGlashan, who remains in the position until Rothwell takes over in February, said in a statement that as the UK tax system becomes more complex, adding an external tax partner was a logical step for the company.

“Given the continuing challenging and volatile economic backdrop, preservation of wealth is key,” said Karen Spencer-Smith, managing partner at Saffron.  

Earlier this year, Kleinwort closed its Leeds office in the north of England as part of moves to streamline operations. In July, meanwhile, Kleinwort acquired the London-based family office Karrig Strategic Capital, along with appointing two senior private bankers from Schroders.