Boston Private Financial Holdings appointed its bank president, George Schwartz, to the newly created position of chief executive of its private banking group.

The $7.3 billion-asset company said Schwartz will be responsible in his new role for the overall strategic direction of the group, including deposit and cash management, residential mortgage and commercial lending.

Schwartz will remain president of Boston Private Bank & Trust and will report to Clayton Deutsch, the bank's chief executive and the holding company's president and chief executive.

Schwartz joined Boston Private in 1998 and has also been the company's chief operating officer and treasurer.

Additionally, Boston Private named James Brown and Torrance Childs co-presidents of its private banking group, reporting to Schwartz, and Childs was named to the board of Boston Private Bank & Trust. Brown will retain his current position as head of the bank's commercial banking group and Childs will also retain his position as national director of deposit management.

The promotions are the latest move among Boston Private's executive ranks. Deutsch was appointed CEO of Boston Private Bank & Trust in December, after he stepped down as president of the holding company in April. Deutsch re-assumed the position of holding company president in December, when Mark Thompson retired.

Boston Private is scheduled to report first-quarter results on April 20.

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