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  1. Wealth
October 11, 2010

CEO merry-go-round for LO and KB

By Spear's

Sally Tennant has left Lombard Odier to replace Robert Taylor as CEO of Kleinwork Benson; she has been replaced as CEO of Lombard Odier’s London operations by Frederic Rochat.

Sally Tennant has left Lombard Odier to replace Robert Taylor as CEO of Kleinwork Benson; she has been replaced as CEO of Lombard Odier’s London operations by Frederic Rochat.

Herewith, the official releases:

London, October 11, 2010 – Kleinwort Benson Bank today announces the appointment of Sally Tennant as Chief Executive, effective from mid-January 2011 (subject to regulatory approval). Sally joins from Lombard Odier Darier Hentsch (“Lombard Odier”), the Swiss private bank, where she was Chief Executive of its London-based private banking operation. Sally replaces Robert Taylor, who joined Kleinwort Benson as CEO in 2004.

Kleinwort Benson has a banking heritage dating back to 1786.  Having established an excellent reputation for its private banking, fund administration and wealth management businesses in the UK and Channel Islands, the Group’s ambition is to expand its asset management and corporate advisory services across Europe.  The Group continues to benefit from a strong capital position, excellent quality loan book and conservative risk management culture.

Kleinwort Benson’s strategy to strengthen its asset management and corporate advisory offering, business lines traditionally associated with Kleinwort Benson’s historically strong merchant banking franchise, is further demonstrated by today’s completion (subject to FSA regulatory approval) of the acquisition of KBC Asset Management Limited (Dublin) which has been renamed Kleinwort Benson Investors Dublin Limited.  This brings the Group’s assets under management to more than €10 billion.

Commenting on the appointment of Sally Tennant, Leonhard Fischer, CEO of Kleinwort Benson Group and Chairman of Kleinwort Benson Bank said:

“We are delighted to welcome Sally to Kleinwort Benson.  In an already distinguished career, spanning over thirty years in private banking and wealth management, Sally has held significant management roles in highly regarded organisations.  She has also been instrumental in successfully founding and driving forward new businesses.

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“By creating a dynamic and diverse financial services organisation under the Kleinwort Benson brand we are able to offer an impressive breadth of financial advisory services under one roof, ensuring each solution fits our client’s individual needs – be that for their private or corporate interests.  We are looking forward to working with Sally as she brings her considerable experience to bear in further developing the Kleinwort Benson franchise.

“I would also like to thank Robert Taylor for his contribution over the past six years.  We are grateful for his efforts in starting the transformation of Kleinwort Benson to achieve our goal of restoring its name to one of the European greats in merchant banking.”

Sally Tennant said:

“I am delighted to be joining Kleinwort Benson Bank as its new Chief Executive.  This is a unique opportunity to play a key role in the next stage of development of an illustrious brand.  I am looking forward to working with the team to build on its strong track record.”

Robert Taylor added:

“I am very proud of the strong reputation the firm has built in private banking and wealth management.  It has been a privilege to work with the talented team at Kleinwort Benson over the last six years and I think Sally is an excellent choice to take the business further.  I look forward to a break before deciding what my next role might be.”

Frédéric Rochat has now assumed responsibility for Lombard Odier’s activities in London, as from October 1, 2010. In addition and as announced on 3 September, Mr. Rochat has been appointed Managing Partner of Lombard Odier Darier Hentsch & Cie with effect from January 1, 2012.

Sally Tennant, head of the private bank in London, has stepped down and will join RHJ International in January 2011. From October Mr. Rochat will assume responsibility for Lombard Odier’s activities in London with the objective to develop its presence in the fields of private and institutional management. His appointment as a Managing Partner will help strengthen the next generation of Partners within Lombard Odier Darier Hentsch & Cie.

Frédéric Rochat,  head of Lombard Odier in London, said: “We are most grateful to Sally Tennant who has done so much for the bank since she joined us in April 2007. She has created a strong environment on which to base our future growth. She has our very best wishes for the future.”

Mr. Rochat, 34, holds a degree in economics and business administration from the University of St. Gallen, Switzerland. He has spent most of his career working for the investment banking arm of Goldman Sachs Group in London and New York, first as an adviser to financial institutions, then industrial companies.

Lombard Odier is active in London in both the fields of private banking and institutional asset management. In the last three years it has attracted a number of senior private bankers to service UK-based and international clients. In institutional asset management Lombard Odier has significantly increased its fixed income and equity long/short teams.

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