Colin Tate takes up the role of chief operating officer (COO), leading the bank’s technology strategy and business change programmes.
He joins the capital outfit from Sainsbury’s Bank where he spent more than a decade in senior management roles including head of architecture, head of strategic design and most recently head of digital transformation. In his earlier career, Tate was a management consultant with Accenture, Capgemini and PwC.
As a member of Hampden & Co’s executive management team, he will work closely with chief executive Graeme Hartop. Tate replaces Stuart Alexander who retires next month.
Hartop said: “Colin brings exceptional experience to the role of COO having worked for companies serving clients across a variety of industries.
“This is an important hire for the bank as we continue to build on the technology that underpins our service to clients. We look forward to Colin’s contribution in the months and years ahead. We also take this opportunity to thank Stuart for all his valuable contributions down the years.”
Tate added: “Graeme and the team have grown the bank into one of the most exciting players in the UK private banking sector. With ambitious growth plans and a talented team, it’s a great time to be joining Hampden & Co and I look forward to helping to drive ongoing success at the bank.”
In April, the bank reported strong full-year results and pointed to “high levels of interest from prospective clients” following the recent sale of fellow capital outfit Adam & Co.
Total income for the year to the end of December rose by 18 per cent to £10.2 million, from £8.7m in 2019, with deposits up 22 per cent to £501.2m, from £409.4m. Loans and advances jumped 60 per cent to £326.3m, compared with £203.8m a year earlier.
Hampden & Co was founded in 2010, opening for business in 2015 when it became the first new UK private bank launch in quarter of a century. It also has offices in London.
The bank pointed to other financial highlights during 2020, including raising an additional £10m from shareholders to support continued balance sheet growth, ongoing costs and regulatory requirements. It continued to hire during the year to support new business from clients, with appointments to the banking, commercial and administrative teams in Edinburgh and London.
Key appointments were also made to the board – former Virgin Money chief financial officer Finlay Williamson joined as chairman of the audit committee, Scottish Friendly and Fidelity Life Insurance chairman David Huntley joined as chair of the risk committee, while former senior Goldman Sachs executive Caroline Taylor joined as chair of the remuneration committee.
The bank also launched new services for clients during the year including multi-part lending, an interest-only retirement mortgage and loans against pension investments.
Chairman Simon Miller said: “The bank responded well to the Covid-19 pandemic and the results demonstrate that the business performed with agility and resilience.”