Kleinwort Benson Chief Executive Steps Down

Stephen Little

2 April 2014

Kleinwort Benson's chief executive officer 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.