Bank makes triple change in wealth unit, while Swiss group names COO of UK operation
HSBC
The banking group has made three senior appointments in its wealth and personal banking investment unit.
Effective immediately, Willem Sels will be global chief investment officer of private banking and wealth management, while Jan-Marc Fergg will be global head of wealth products, ESG and mutual funds, and Patrick Boumalham takes on the role of global head of ultra-high net worth solutions.
Since joining HSBC in 2009, Sels was a fixed income strategist and the global chief market strategist for private banking.
Prior to HSBC, Fergg spent 20 years at UBS in a variety of senior roles.
Rehana Hasan
Hasan, who joins the bank from financial services and investment firm Tilney, will be responsible for managing the legal team. She will also be a permanent attendee at the UK Executive Committee and Board meetings.
At Tilney Hasan was group general counsel and company secretary, advising on its merger with Smith & Williamson.
Brown Shipley CEO Alan Mathewson commented: Rehana joins us at a time of strategic growth, and the extensive experience she brings from advising wealth managers, including on major mergers and acquisitions, over the past fifteen years, will be invaluable.
Group Head of Legal Rachel Macfarlane added: I’m delighted to welcome someone of Rehana’s calibre to the team. Her extensive legal knowledge, particularly within wealth management, and skill in bringing different stakeholders together, will be particularly beneficial to us.
Private bank and retail financial services provider hire group COOs
Quintet Private Bank
Eli Leenaars will become group chief operating officer at the European private bank, effective from 1 June 2021.
The appointment has already received regulatory approval from both Luxembourg’s Commission de Surveillance du Secteur Financier and the European Central Bank.
He will join from UBS where he most recently served as group managing director and vice-president of global wealth management.
Beaufort Group
The Beaufort Group hired Jade Connolly as chief operating officer.
She will take over from Clive Goldthorpe who will step down at the end of March 2021. He will stay at the company on a consultancy basis but will no longer be involved in the day-to-day aspect of the business.
Dentons acquires Brown Shipley s pension business and professional trustee company
Undisclosed fee
SIPP and SSAS provider Dentons Pension Management has acquired Brown Shipley’s pension administration and professional trustee company for an undisclosed fee.
The deal will add 1,000 self-invested personal pensions (SIPPs) and 485 small self-administered schemes (SSAS) to the firm, as well as all 16 staff. Dentons assets under administration will also grow.
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FTSE 100 index of leading shares hits highest since March 30th Dec 2020 | Source: BBC
Britain s index of leading shares closed at its highest since the pandemic sparked a market rout in March as investors on Tuesday cheered the post-Brexit trade deal.
In the first day of trading since markets closed on Christmas Eve, the FTSE 100 ended up 1.6% at 6,603 points.
It was the Footsie s best day since 9 November, and only falls in bank shares stopped the index from rising further.
US shares hit record highs in early trading although ended slightly lower.
Wall Street was buoyed by US President Donald Trump agreeing to release hundreds of billions of dollars in pandemic spending support. He had previously refused to sign off on the deal.