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A change of leadership is underway at Luxembourg-based private bank Quintet after the previous CEO’s surprise exit. Luxembourg-based Quintet Private Bank is appointing Briton Chris Allen as CEO effective July 1, the firm said in a statement released by the firm on Monday. Allen, who most recently headed private banking in Europe, the Middle East, and Africa at HSBC, spanning a 15-year career there, is replacing Jakob Stott.
Stott, who joined Quintet in 2019 has stepped down as CEO and will leave the company after a short transition period, although no mention was made of any future roles. Stott was appointed by ex-UBS manager Juerg Zeltner, who died in 2020, and relaunched the former KBL Group as Quintet.
During his tenure, Stott merged Quintets EU-based subsidiaries and strengthened core operations at the firm where he presided over a rise in total client assets from, around €72 million ($75 million) at the end of 2018 to nearly €100 billion by the end of last year.
The banking group which is controlled by the ruling family of the Emirate of Qatar had entered the Swiss market with the ambition of becoming a major voice in the local wealth management industry. But just 16 months after opening following the acquisition of Bank am Bellevue, it closed shop and referred its clients to a competitor.
After reaching an agreement with the Ticino-based private bank PKB at the end of last year on the sale of its remaining client assets, Quintet is expected to disappear from the Swiss scene by the fall at the latest.
The private banks under Quintet’s umbrella include the following:
