The Kleinworts and the Bensons would never have countenanced the idea that their firm – fruit of a 1962 merger – would become a mere brand. If the concept was even understood in the City of London at the time, it would have applied to soap powders and cigarettes, not merchant banks.

Thursday’s purchase of “Kleinwort Benson” by RHJ International is nearly as much about the brand as about the private banking and offshore operations. The latter have value, no doubt. If the wealthy are going to save even more in future, then someone will have to manage their savings for them. The Kleinwort name – preserved for these businesses even under a succession of owners – has a global resonance in wealth management.