Frankfurter Bankgesellschaft (Deutschland), the recently created private bank, has completed its board with the addition of Klaus Hoffmann.

In his new role Hoffmann will be responsible for private banking and portfolio management as well as trusts and banks supervision, the firm said in a statement. He manages the bank with Dr Günter Schmittdiel.

After launching his career at Dresdner Bank, Hoffmann held various management positions within private banking at Commerzbank, Deutsche Bank and several regional banks.

Effective as of 1 September 2010, Zurich-based private bank LB(Swiss) Privatbank, a wholly owned subsidiary of Germany’s Landesbank Hessen-Thüringen (also known as Helaba), restructured its range of services in the private banking, wealth management and portfolio management segments.

In early August 2010, LB (Swiss) Privatbank acquired a 100 per cent stake in Frankfurter Bankgesellschaft, the Frankfurt-based private bank, which was established in 1899. As a result of this takeover, the newly conglomerated private bank, with offices in Zurich and Frankfurt, operates under the name of Frankfurter Bankgesellschaft.

Management of the new group is in the hands of the new Frankfurter Bankgesellschaft (Schweiz) – formerly LB(Swiss) Privatbank.

The group’s staff of around 150 employees administers close to SFr7 billion (around $6.9 billion) in assets. The Frankfurt branch offers private banking, trust administration and portfolio management services, while the Zurich branch offers additional services in the areas of wealth management and family office.

In the short term the bank plans a significant expansion of its family office services, WealthBriefing understands.