RHJ has created a new holding company, KB Financial Services Holdings for Kleinwort and potential further acquisitions.
Under the new ownership and management structure, RHJ chief executive Leonhard Fischer, becomes chairman of Kleinwort Benson Private Bank, while Richard Robins continues as chairman of Kleinwort Benson Channel Islands.
Robert Taylor continues as Kleinwort chief executive with overall responsibility for the Channel Islands and London businesses.
Taylor said new owners RHJ – whose purchase of Kleinwort is part of a wider strategy to become a major financial services force through acquisitions – had given backing for it to “renew business lines it had traditionally operated in as a merchant bank” – generally commercial banking services for other financial institutions.
RHJ has also recently bought – subject to final agreement – Dublin-based fund manager KBC Asset Management for €24m, which will fall under the Kleinwort brand. Combined, the businesses have more than €10bn under management.