Good old days back at Dexia

Charles Good, newly appointed chief executive of Dexia BIL’s London-based private banking operation, has laid down a business strategy which will stray significantly from that pursued by head office in Belgium.

Mr Good has scrapped corporate finance and syndicated loans to concentrate on private banking and portfolio management.

Client assets will be managed in segregated portfolios by in-house funds company Ely, which runs Ł500m (E745m). Mr Good has been managing director of Ely Fund Management for five years, and has been charged with integrating the two companies under one roof.

Dexia’s operation in Belgium offers retail-style fund of funds products, also managed internally. Mr Good sees it as a mass affluent marketing operation, aimed at “Belgian dentists” rather than bespoke private banking.

“We are promoting the kind of service which regular banks have forgotten over the years,” said Mr Good. “The key element is not just performance, as customers are prepared to sacrifice a few basis points for good service.”

Mr Good’s team, which includes senior marketing manager Nicholas Bowater, will consider modifying Dexia’s European structured products for UK consumption.