Boston Private Financial Holdings has appointed its chief executive, Clayton Deutsch, as CEO of its bank subsidiary, Boston Private Bank & Trust.

Deutsch will assume the new role Jan. 1. He succeeds Mark Thompson, who earlier announced his plans to retire at the end of 2015.

Deutsch has served as CEO of Boston Private Financial since 2010. He had stepped down as president of Boston Private Financial in April and was succeeded by Thompson.

In naming him CEO of the bank subsidiary, the company has tasked Deutsch with leading a more streamlined executive team as the company seeks to expand Boston Private's model, which integrates wealth management, trust and private banking, nationwide.

"This structure is aligned directly with our focus on delivering an integrated and complete client experience," Boston Private Financial's chairman, Stephen Waters, said in a Friday news release.

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