C Hoare has said the bank will inject some ‘millennial thinking’ into its strategy as it prepares for a generational handover next month, when head of philanthropy Rennie Hoare joins the board.
The 32-year-old will assume a partnership at the UK’s oldest bank in June, replacing outgoing octogenarian family members Henry Hoare, Sir David Hoare and Richard Hoare, who are retiring. All three will remain in consultancy roles.
Partner Alexander S Hoare told the Financial Times: ‘Rennie brings us a very important dimension of millennial thinking.
‘We consciously wish to avoid the bleeding edge . . . [but] our belief is that we can adopt new fintech and technologies as they come out.’
Rennie Hoare joined the family business in 2016. He previously worked as a consultancy relationship specialist at T Rowe Price, having begun his career as a new business executive at Threadneedle.
‘My approach will be to learn as much as I can from the century of banking experience that the other 11th-generation partners have,’ he said. ‘And where I can, I will look to add or develop something completely new.’
The bank only launched an online banking app in 2015. One of the motivating factors behind the sale of the bank’s wealth management division to Cazenove in 2016 was to exclude the bank from Mifid II rules which would have necessitated a significant investment in the company’s backoffice.
The company has since 2016 been run by David Green (pictured) first as chief executive and latterly as managing director.