Director of Private Banking for a Guernsey Bank

Engagement overview

The Guernsey operation is the central Channel Islands hub for this well known international private bank and wealth management firm. They were looking to seriously enhance not only their private banking offering and platform, but increase their market penetration in Europe and the Middle East. Winning the growth opportunity amongst other Channel Islands based financial institutions was seen as key to that overall group strategy. To do that they felt only a complete “refresh” of the senior private banking team on the islands would suffice. As such they were looking to appoint a new director to oversee the entire evolution of the operation.

Candidate Profile provided

The bank wanted to appoint a skilled senior banker who could help them to drive the performance of the private banking team to:

  • Increase the number of private banking clients and their assets under management.
  • Increase market share and what they define as Net New Money.
  • Diversify the client base into new markets, geographies and sectors.
  • Increase profit margins by the new platform introduction, whilst reducing costs associated with expenses, operations and administration fees.

It was also hoped that the right candidate would already have a number of useful relationships they could leverage to assist the banks entrance to a number of Middle Eastern markets.

Candidate identified

The candidate identified was a senior British / French Canadian banker who had over a decades worth of private banking experience on all three continents. He also had run a brokerage in Dubai which has served the needs of not only local high net worth investors and royalty, but several senior petroleum executives. The Channel Islands location allowed for a more relaxed lifestyle and its closeness to France an added benefit, yet the extensive travel this role offered (particularly to the Middle east) allowed him to maintain lucrative and rewarding relationships there.

Benefits

In this case the bank benefited from the following:

  • A proven private banking leader and manager, with a track record in growing new markets, increasing assets under management and cost reduction.
  • Over a decades worth of contacts and relationships in private banking.
  • Experience of a wide range of the latest banking platforms, systems and tools.
  • An existing network of both clients and introducers in the Middle East worth more than $100 million which the bank could leverage immediately.
Length of engagement

This engagement was a real challenge and as such there were some false starts. Eventually it was settled to the banks satisfaction 128 days from being handed the initial brief.

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