Luxembourg-headquartered Quintet Private Bank has named former HSBC executive Chris Allen as the new group CEO.
The appointment is effective 1 July 2022, subject to regulatory approval.
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Allen will succeed Jakob Stott, who is set to leave the firm following a brief transition.
Having joined Quintet in 2019, Stott spearheaded key projects, including the merger of Quintet’s EU-based subsidiaries.
According to the company, his efforts are reflected in the sustained increase in total client assets, which rose from just over €72bn at the end of 2018 to about €100bn at the end of 2021.
Quintet Private Bank chairman of the board of directors Rory Tapner said: “We are grateful to Jakob Stott for his thoughtful leadership. Working in partnership with an excellent management team and drawing upon the skills and insight of our 2,000 people, Jakob led the firm through uniquely challenging external conditions and sharpened its client focus.”
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By GlobalDataAllen, who has around three decades of financial services experience, worked with HSBC for the past 15 years.
During this time, he held several senior positions, including Alternative Investments CEO, HSBC Private Bank UK CEO, and head of Global Private Banking, Europe, Middle East & Africa.
During his initial career, Allen served as executive director at Colliers Capital, where he focused on growing the firm’s fund management business, and as head of Real Estate Fund Management at a major Middle East bank.
Chris Allen said: “After 15 wonderful years at HSBC, one of the world’s biggest banks, I am excited about joining Quintet, an independent wealth manager that offers a unique combination of international expertise and local knowledge – with an open-architecture approach that means client interests always come first.”
Last year, Quintet decided to shut its operations in Switzerland, just 16 months after the company expanded its presence to Switzerland via takeover of Zurich-based Bank am Bellevue.
