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.

Soc Gen completes Kleinwort Benson buy

Soc Gen completes Kleinwort Benson buy

Societe Generale has completed its acquisition of Kleinwort Benson from previous owner Oddo & Cie.

The deal, announced in March, creates one of the largest private banking groups in the UK.

Societe Generale Private Bank Hambros chief Eric Barnett (pictured) has been appointed chief executive of Kleinwort Benson with immediate effect.

He replaces Martha Boeckenfeld, who is to leave the group after ten years. Subject to regulatory approval, Barnett is set to become chief of the new combined private bank.

Societe Generale Private Banking head Jean-Francois Mazaud said: 'This is a great moment in the development of our private banking franchise, bringing together two of the most recognised names in wealth management, with shared values and a common heritage. 

'Kleinwort Benson has undergone a significant transformation in recent years, and I want to congratulate Martha Boeckenfeld and her team for this achievement.'

Societe Generale is aiming to integrate the newly-acquired units (Kleinwort Benson UK and Kleinwort Benson Channel Islands holdings) by early 2017.

Until then they will operate as independent entities within Societe Generale. Combined, the businesses run more than £14 billion of client assets under management.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Hugh Young: the buck stops with me on Asia recovery

Hugh Young: the buck stops with me on Asia recovery

The Veteran Asia Pacific fund manager discusses how he is going to improve the performance of Aberdeen Standard Asia Focus and the other investment trusts run by his team.

Play Tim Steer: fund managers will have to get 'stuck in'

Tim Steer: fund managers will have to get 'stuck in'

The second part of our film with former Artemis and New Star fund manager Tim Steer looks at how his profession has evolved over the past two decades.

2 Comments Play Tim Steer: how to spot a stock disaster coming

Tim Steer: how to spot a stock disaster coming

The former Citywire AAA-rated fund manager has written a book on 22 stock disasters and how forensic examination of annual reports could have spotted them coming.

Read More
Your Business: Cover Star Club

Profile: 'Growing pains' - inside a boutique profit battle

2 Comments Profile: 'Growing pains' - inside a boutique profit battle

South London-based Fowler Drew has moved back into the black after spending a couple of years in the red

Wealth Manager on Twitter