Clayton G. Deutsch has been named chief executive officer of Boston Private Financial Holdings Inc. (BPFH), and will also become president effective July 31.
Deutsch, a senior partner at McKinsey & Co., will succeed Timothy L. Vaill as chief executive officer.
The BPFH board will elect a new non-executive chairman from the independent directors to assume that role, also on July 31. Vice Chairman and President Walter Pressey will continue to serve as vice chairman of the company and will remain on the board of directors, according to a statement.
Deutsch, 55, began his career in banking in the 1970s and has been at McKinsey since 1980.
"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-centered 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," said Deutsch, who lives in Newport, R.I. "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."
"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," said Lynn Thompson Hoffman, lead director of the BPFH board of directors. "The board is very pleased to have a leader of the caliber 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."
