Hampden & Co, the Edinburgh-based private bank, has appointed a new chief executive.

Tracey Davidson will join from Handelsbanken UK in the autumn to replace Graeme Hartop, who is retiring after 11 years in the role. Ms Davidson is currently deputy chief executive and chair of Handelsbanken Wealth & Asset Management, having joined the UK arm of the Swedish bank from Barclays in 2003.

Mr Hartop, a former managing director of Scottish Widows Bank, has been with Hampden since its inception. He teamed up with Ray Entwistle, a former colleague at Adam & Co, when the veteran banker was setting up Hampden & Co with a remit to cater for well-heeled customers in Edinburgh in 2013. Hampden opened its doors in 2015.

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Simon Miller, chairman of Hampden & Co, said: “We are delighted Tracey is joining Hampden & Co as our new CEO. She was the outstanding candidate in a very strong field, and she is very well respected in the market, among peers and by clients and professional intermediaries.

“Graeme has led the bank through launch to profitability with record levels of deposits, lending, and client numbers. We wish him great success in the next phase of life and thank him for his commitment, leadership and vision in building strong foundations for Hampden & Co.”

Ms Davidson said: “Hampden & Co has an excellent reputation for delivering a highly personalised banking service for clients, their families and businesses. It has significant ambitions for the future, and I look forward to leading the bank to further success.”

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The change of chief executive was announced by the bank shortly after it reported profits of £9.1 million for 2023, up from £2m the year before, which came as client numbers increased by 19% to 5,598.

The bank, which has offices in Edinburgh and London, said the results underlined demand for its personalised banking and bespoke lending, and highlighted the benefit of introductions from existing clients, professional advisers, and mortgage brokers. Hampden said it had also seen customers join from other private and mainstream high-street banks.

Commenting at the time, Mr Hartop said: “Our accessible and personalised approach to banking is valued by our existing clients and has attracted many new clients. It shows that many people, including high-net-worth and affluent customers of high street lenders, appreciate the benefits of relationship banking.

“In an environment where interest rate rises have encouraged people to use savings to pay down debt, the bank grew both deposits and lending in 2023.

“The high volume of referrals from other advisers, including wealth managers, solicitors, accountants and mortgage brokers was further positive endorsement of the bank, our staff and our ability to work in partnership with these other professionals.”

Hampden's latest accounts show that it employee headcount had increased by 23% to 154, with key hires including the arrival of industry veteran Mark Plummer as head of private banking and Patrick Preece as banking director in London, and Claire Mann as head of client proposition.