Leonhard Fischer, chief executive of RHJ International, wants to build a broadly-based financial business around Kleinwort Benson, the venerable UK private bank he today agreed to buy for £225m (€245m) in cash.

Kleinwort Benson is a medium-sized wealth outfit employing 33 client-facing advisers, with plans to hire a further 12. Purely operating in the UK and Channel Islands, it manages funds totalling £5.4bn and administers a further £15.7bn.