Kleinwort Benson, a UK subsidiary of German insurer Allianz, has hired a senior executive from HSBC to a new role running its private wealth management business.

Mark Hussein spent 13 years at HSBC and was most recently head of commercial insurance and investment before leaving in July. He joined Kleinwort Benson this month to oversee the growth of its private wealth division across the UK and Channel Islands, according to a statement today from the financial services group.