Clarien Bank Ltd has appointed a former top executive at Merrill Lynch to take the role of consultant chief investment officer.

Thomas Sowanick will be the bank’s lead investment adviser, responsible for advising and supporting senior management with product development, sales and other business functions across the bank, Clarien said today.

The bank also revealed that former Capital G Bank chairman James Gibbons is serving on an interim basis as co-chief executive officer, alongside Ian Truran.

Mr Sowanick has more than 30 years of experience in investment management and asset allocation, of which more than 25 years were with Merrill Lynch, where he held a variety of roles, most notably global chief investment officer for its Private Client Group.

After leaving Merrill, he acted as chief investment officer at OmniVest Group, prior to which he was the chief investment officer for Clearbrook Financial.

Mr Gibbons said: “We are confident that Mr Sowanick will bring an established understanding of the needs of the bank’s private and institutional clients. We look forward to gaining from his expertise as we embark on the next stage of our international growth.”

Mr Sowanick said: “In the last year the number of high net worth individuals has grown by 15 percent, the second largest increase since before the global financial crisis.

“As this market segment grows, so do the needs of these individuals. Combined with the continual rise and influence of institutional investors, it is crucial that banks adapt to the ever-changing needs of these clients.

“Clarien Bank, with its global reach and highly experienced management team, is well-positioned to do this. It has the infrastructure and insight in place to effectively service the complex needs of both private and institutional clients, who demand a highly sophisticated service. I look forward to contributing to the next stage of the bank’s growth as it develops internationally.”