Luxembourg-based Quintet Private Bank on Thursday said that it has named Chris Allen as Group CEO. Allen, who spent the past 15 years moving up the ranks at HSBC, brings over three decades of financial services experience to the role and will take up the position on 1 July. His appointment is subject to regulatory approval.
Quintet said Allen, a British national with degrees in investment from Sheffield, City and Cambridge Universities, will lead the private bank, which has a presence in 50 European cities to the next stage of its long-term growth. He will replace Jakob Stott, who has decided to step down and will leave the bank after a short transition period.
“We look forward to welcoming Chris Allen, who has built a strong reputation in the wealth management industry for delivering consistent results,” said Rory Tapner, Chairman of the Board, in a statement. “He will use his experience and energy to accelerate Quintet’s long-term growth - further strengthening the foundations of our bank and driving the business forward with optimism and determination.”
Founded in 1949, Quintet Private Bank (Europe) S.A., headquartered in Luxembourg, is present in 50 cities across Europe and employs 2,000 professionals. In the Benelux it known for private banks InsingerGilissen in the Netherlands and Puilaetco in Belgium. Quintet offers its services to high net worth individuals and their families, as well as to institutional and professional clients, including family offices, foundations and third-party managers. It is the parent of Brown Shipley in the UK and Merck Finck in Germany.
Over the past 15 years at HSBC, Allen has held a series of increasingly senior positions, including CEO, Alternative Investments; CEO, HSBC Private Bank UK; and Head of Global Private Banking, Europe, Middle East & Africa. In this role, he oversaw activities in 20 markets across six booking centres, with some 150 billion euro of assets under management. Previously, he was Executive Director at Colliers Capital, where he focused on developing the fund management business, and Head of Real Estate Fund Management at a major Middle Eastern bank.
‘Open-architecture approach’
“After 15 wonderful years with HSBC, one of the world’s largest banks, I am delighted to join Quintet, an independent wealth manager that offers a unique combination of international expertise and local knowledge,” Allen said.
“Its open-architecture approach also ensures that our clients’ interests are always put first. I look forward to meeting my new colleagues, learning from their experience and gaining their trust. Together, we will continue to meet the needs of every Quintet client - including individuals and families, institutions and professionals - and grow our business.”
Allen’s predecessor Stott joined Quintet in 2019 and oversaw key projects such as the merger of Quintet’s EU-based subsidiaries. Since then, and in the context of the pandemic, the European private bank has strengthened its core business. This is reflected in the solid increase in total client assets from just over €72 billion at the end of 2018 to almost €100 billion at the end of 2021.
“We owe a great deal to the pragmatic leadership of Jakob Stott. With an excellent management team and the skills and knowledge of our 2,000 staff, Jakob has led the bank through some very challenging external conditions and sharpened its customer strategy,” said Tapner.
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