Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Sally Tennant appointed Duncan Lawrie chair

Sally Tennant appointed Duncan Lawrie chair

Former Kleinwort Benson chief executive Sally Tennant has been appointed chair of struggling private bank Duncan Lawrie, as part of its turnaround strategy.

Tennant (pictured), a former Wealth Manager coverstar, stood down as chief of Kleinwort Benson in April 2014 after three years but stayed on for some time as a senior adviser.

She was also a founding partner of Beaumont Capital Management and chief executive of Schroders Private Banking and Lombard Odier (UK).

Duncan Lawrie, which was placed under strategic review by its parent Camellia following severe losses, is undergoing a campaign of reinvestment and Tennant's appointment is part of this.

Camellia chief executive Malcolm Perkins, who is currently chair of the private bank, said: 'I anticipate that the strategy will take a number of years to execute and I am pleased to report the appointment of Sally Tennant as the new chair of Duncan Lawrie, subject to the appropriate regulatory approval, to assist the management team in implementing that strategy.'

Global conglomerate Camellia, in addition to Duncan Lawrie, also has agricultural, engineering and food distribution interests.

Last year saw Duncan Lawrie struggle again with losses worsen. In 2015 the bank reported losses of £3.6 million, up from £2.5 million in 2014. 

Turnover was up however, from £12.4 million to £13.1 million over this period. Camellia has attributed much of the losses to mounting regulatory costs.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: how Tiller believes it's cracked robo-profitability

Profile: how Tiller believes it's cracked robo-profitability

Ian Cadby and Jonathan Wauton of Tiller Investments believe they have developed the next generation of digital wealth platform.

Wealth Manager on Twitter