The Kleinworts and the Bensons would never have countenanced the idea that their firm, fruit of a 1962 merger, would become a mere brand. The concept was certainly understood in the City at the time – where an adviser’s “good name” was a vital asset – but they would have applied the word, if at all, to soap powders and cigarettes, not merchant banks.

But Thursday’s purchase of Kleinwort Benson by RHJ International is as much about its brand as it is about its private banking and offshore operations. The latter have substance and value. 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 – opens doors to its wealth managers not only in the UK but also in the Middle East.