Following Societe Generale’s acquisition in June of Kleinwort Benson, the latter’s private banking business was amalgamated with Societe Generale Private Banking Hambros.
With shared heritage and values, Kleinwort Hambros will have combined assets under management of £16bn – putting it in the top 10 in the UK in AUM terms -running out of offices in London, Cambridge, Newbury, Leeds, Edinburgh, Jersey, Guernsey and Gibraltar.
Kleinwort Hambros’ new product range will include discretionary, advisory, structured and alternative products such as hedge funds and private equity.
There will be additional products for lending, including lending for specialist items such as yachts, jets and real estate, a bespoke trading platform and dedicated funds research team.
Eric Barnett, chief executive of the newly branded business, said: “This is another significant milestone in the history of two well-established names in private banking, which can trace their roots right back to around the beginning of the 1800s. Building on the existing strengths of both companies, Kleinwort Hambros will be a significant force in the private banking market.”
Recruiting specialists in the regions will be a priority, taking the focus away from London, as well as growing the family office, particularly across Europe.
Further, the group said it hoped to create a private bank that was digital as well as physical; building on its e-banking services, technological development and robo-advice.
Barnett added: “Having defined our product range, which combines award-winning investment products from both sides, we will continue to invest in our processes, systems and staff, to ensure we continue the long-standing tradition of offering first-class service to clients of both companies.”
