Allen’s 15 years of experience at HSBC saw him take various high-level positions including CEO, alternative investments; CEO, HSBC private bank UK and head of global private banking Europe, Middle East & Africa. In his last position at the British multinational bank he oversaw activities in 20 client markets across six booking centres with €150bn in assets under management.

Prior to HSBC, Allen was head of real estate fund management at Ahli United Bank from 2004 to 2006 and executive director at Colliers International, where he was responsible for developing the fund management business. He holds a degree and investment diploma from Sheffield, City and Cambridge universities.

“After 15 wonderful years at HSBC, one of the world’s biggest banks, I am excited about joining Quintet, an independent wealth manager that offers a unique combination of international expertise and local knowledge--with an open-architecture approach that means client interests always come first,” said Allen in a press release.

Stott who will make way for the new appointment was in charge of Quintet during a difficult period for the company in the context of the pandemic. He will remain with the financial institution until Allen starts in his new position.

During his time at the helm of Quintet, Stott was responsible for the implementation of the bank’s five-year strategic transformation plan and the change of name from KBL to Quintet.

On 1 April, due to exceptional circumstances including its withdrawal from the Swiss market. However, the company has recovered with a loss reduced to €5.9m compared to €17.2m in 2020. As for 2022, the private bank is aiming for an operational balance.