The group has made a number of top-level changes, including naming a new CEO.

Switzerland-based Bank J Safra Sarasin, which operates in a number of regions, has appointed Daniel Belfer as its new chief executive and Oliver Cartade as head of trading, treasury and asset management. Under a reorganisation of the business, existing CEO Edmond Michaan takes on a new role as group strategy head at the bank and the larger J Safra Group.

Michaan, who has held his role since 2013.

Belfer has been responsible for the trading, treasury and asset management division and member of the group executive board of Bank J Safra Sarasin Ltd, and has worked for different entities of the J Safra Group since 2000. 

Cartade is currently the general manager at Bank J Safra Sarasin (Gibraltar) – London Branch and MD at J Safra Sarasin Asset Management (Europe). He brings over 20 years of experience in various financial sectors to his role. Prior to the J Safra Group, Cartade worked in investment banking at Kaufman Brothers where he focused on M&A and private equity transactions. He began his career as a financial analyst at Prudential Securities in the investment banking division. 

These changes came into effect from 1 November.

The bank’s statement did not elaborate on reasons for the management changes.