Brown Shipley has appointed former Sanlam CEO Hugh Titcomb as head of private banking amid a board shake-up.
The hire comes as executive director and former Wealth Manager cover star Robert Smoker and chief operating officer Robert Kitchen step down from Brown Shipley's board.
As part of the reshuffle chief financial officer Andrew Curran has joined the board, while chief executive of Newcastle Building Society Jim Willens rejoins as a non-executive director.
The private bank said the board changes were the result of a review of corporate governance, which included discussions with regulators and the adoption of industry best practice to ensure that Brown Shipley is structured in the best way possible way for future growth.
Titcomb (pictured) will head up the private banking division from the London office and joins with over 28 years’ experience in the industry.
His appointment comes after Julian Hardiman stepped down as head of private banking in November of last year. At the time Peter Stiles, also stepped down as head of the bank’s Manchester office. Both now concentrate on running private client portfolios.Prior to Sanlam, Titcomb was CEO of the Ansbacher Banking Group and managing director of Bank of New York, Flemings and later JP Morgan.
Ian Sackfield, chief executive of Brown Shipley, commented: 'We had a very strong and positive 2013 and with the appointment of Hugh as our new head of private banking, we will continue our focus on further growth and the whole management team look forward to another successful year.'
In a further management change, recently appointed chief risk officer, Mike Hudson, will take reporting responsibility for the firm’s compliance function.
Alan Dickinson, independent chairman of the Brown Shipley board, commented: 'These are exciting times for the wealth management industry and for Brown Shipley in particular.
He added: 'I know that Robert Kitchen and Bob Smoker will continue to be highly valuable members of the Brown Shipley management team and am sure that the new additions to the board announced today will strengthen that team considerably as we look to take advantage of the many opportunities arising from the changes taking place in the industry as a whole.'
Last week Wealth Manager broke the news that Brown Shipley was in the process of compensating clients who saw their investments in Anglo Irish and Lambay bonds wiped out after the bank was nationalised in 2009.