Boston Private Financial Holdings has appointed Clayton G. Deutsch, currently a senior partner at McKinsey, as chief executive officer and president, effective 31 July 2010.
Deutsche will succeed Timothy L. Vaill as part of the company’s executive succession plan announced in early 2009.
The board will elect a new non-executive chairman from the independent directors to assume that role also on 31 July.
Vice Chairman and president Walter Pressey will continue to serve as vice chairman of the company and will remain on the board of directors.
Deutsch began his career in banking in the 1970s and has been at McKinsey since 1980. He brings experience with a number of financial institutions, including particular expertise in the private banking, wealth advisory, and wealth management sectors.
Most recently, Deutsch served as the global leader of McKinsey’s merger management practice since 2006.
Deutsch says: "It is a privilege to be joining this organization. Boston Private has been a leader in private banking, wealth advisory, and investment services delivered to clients in superb, client-centred fashion. Despite the challenges faced by all financial institutions over the past several years, Boston Private has maintained and built upon a strong reputation for distinctive client service. There is a terrific opportunity to grow this business in selected markets as the needs of the wealth sector in this country continue to expand and evolve, and the need for high personal service levels and high integrity advice becomes paramount. I look forward to building on the foundation that Tim Vaill and his team have built over the years."
Vaill has been the chief executive officer at Boston Private since he joined on 1 January 1993. He was named chairman of the board in 2001. Vaill will continue to serve on the board of directors of the company.
Lynn Thompson Hoffman, lead director of board of directors, says: "Tim Vaill has built Boston Private from a single-location Boston bank to a highly-regarded national wealth management company. Tim’s vision, predicated on a distinct value proposition combining entrepreneurial companies with the shared strength and resources of their public parent, has created an enterprise of broad reputation and enduring excellence. The board is very pleased to have a leader of the calibre and achievement of Clay Deutsch to build on this foundation, provide high quality solutions for the wealth management needs of our clients, and achieve future growth and returns for our shareholders."