BlackRock Inc. is partnering with Quintet Private Bank to bolster the Qatar-owned firm’s investment services for rich clients as it ramps up expansion plans.
(Bloomberg) — BlackRock Inc. is partnering with Quintet Private Bank to bolster the Qatar-owned firm’s investment services for rich clients as it ramps up expansion plans.
BlackRock will give Quintet access to a broader range of investment products, including an exclusive set of new funds for the Luxembourg-based private bank’s clients, according to a joint statement Thursday that didn’t disclose financial terms.
Quintet, which will retain control of its investing decisions, will also have access to the New York-based firm’s risk-management platform and receive allocation advice from the world’s largest asset manager, the companies said.
“This partnership helps us serve our existing clients but also grow market share in each market we operate in,” Quintet Chief Executive Officer Chris Allen, 53, said in an interview about the agreement, which is scheduled to be completed in the third quarter.
The move signals Quintet’s growth ambitions under Allen, an HSBC Holdings Plc veteran who joined last year following a turbulent period for the private bank’s leadership. After the death of CEO Jurg Zeltner in 2020, the top job was held for two years by former UBS Group AG wealth executive Jakob Stott before Allen took over.
“We want to build market share where we have scale, legacy and heritage,” said Allen, who previously led HSBC’s global private bank for Europe, the Middle East and Africa.
Read More: HSBC Veteran Chris Allen Appointed CEO of Qatar-Owned Quintet
Quintet is controlled by Precision Capital, a holding company for members of Qatar’s ruling Al Thani family. Since acquiring Quintet in 2012 for about €1 billion ($1.1 billion), Precision has injected more than €350 million of capital into the bank.
Founded in 1949, Quintet operates in 50 cities across Europe and includes the UK’s Brown Shipley and Germany’s Merck Finck as part of its services for rich families, foundations and external asset managers. It managed €86.7 billion of total client assets at year-end, a 10% decline from 12 months earlier, largely due to market volatility.
BlackRock has worked with Quintet for a number of years, but initiated its latest effort with the private bank around the same time Allen joined in July 2022.
“This has been a 12-month process of working together to explore how our platform can help accelerate their growth,” said Stephen Cohen, BlackRock’s head of EMEA.
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