People Moves

Executive Moves April 2007

Stephen Harris 1 May 2007

Executive Moves April 2007

Lombard Odier Darier Hentsch has appointed Sally Tennant as chief executive and David Richards as vice chairman of Lombard Odier Darier Hentsch (UK).

Sally Tennant was, from 2002 to 2006, chief executive of Schroders Private Banking and before that was head of global institutional business at Gartmore.

David Richards joined Lombard Odier Darier Hentsch in 2003 from Citigroup, as head of the private client business.

Thirty-two staff at Gerrard's offices in London, Plymouth, Swansea and York, including 15 at director level are to join Brewin Dolphin.

London directors of the Barclays Wealth-owned private client investment manager, Rob Burgeman and Keith Leberman, will join Brewin Dolphin's existing London office.

The Plymouth and Swansea offices are new locations for Brewin, while Brewin's Scarborough branch will be merged into a new enlarged York office.

UK head hunter Hanover Search & Selection has beefed up its hired private client wealth management practice by hiring Adam Corbett to join Scott McDonnell.

Citi Private Bank has appointed Mark Dean as a director and senior banker in London.

Mr Dean will report to James Tsolakis, head of the bank's European Law Firm Group, a private banking team dedicated to working exclusively with the legal profession.

Mr Dean previously worked for Coutts where he was a senior private banker within the bank’s Professionals Client Group.

Previous to his role at Coutts, Mr Dean held various positions at Barclays including an international investment manager and team leader for Barclays Offshore Services where he was responsible for providing investments, fiduciary and banking advice for non UK resident clients.

Merrill Lynch has appointed Matthew West and Philip Maher to the UK Advisory Team within Merrill Lynch Global Private Client, based in London.

Mr West and Mr Maher were previously directors of Barclays Wealth.

Both will report to Nick Tucker, Head of Merrill Lynch GPC, UK and Ireland, and will be responsible for building up Merrill Lynch GPC’s advisory business for UK-based clients with investable assets of between £1 million and £10 million.

Robert Robson, the London-based chief operating officer of Barclays International Private Bank has resigned.

Mr Robson had been with Barclays for over 20 years and reported to Gerard Aquilina.
A team of four advisory investment managers has left Tilney in favour of Kaupthing Singer & Friedlander in London.

The team is led by Peter Hancock and Michael Burton and includes Mark Jeffries and Brendan Company.

The team will be Singer’s first to concentrate purely on the advisory side and will report to Chris Buzzard, managing director.

Singer & Friedlander has also appointed Adam Hunt as an investment director within Singer & Friedlander Investment Management (SFIM). He joins SFIM in July from Kleinwort Benson Private Bank.

Adam has been with Kleinwort Benson Private Bank for eight years dealing primarily with Middle Eastern and Asian high net worth clients.

Jersey-based Horizon Fund Management has appointed Stan Beckers and Chris Bucknall as non-executive directors.

Professor Beckers is managing director at Barclays Global Investors and heads up their Alpha Management Group, which has responsibility for its fund of hedge funds. Prior to joining BGI in June 2004, he served as chief investment officer of Swiss family office Kedge Capital. A visiting professor of finance at Katholieke Universiteit Leuven in Belgium, he is a frequent speaker at academic and practitioner conferences.

Mr Bucknall is an executive board director of the Compass group and deputy chairman and senior independent director of construction and house building group Galliford Try.

Miranda Lock is joining Schroders as a private client relationship manager in the UK.

She was previously an investment advisor at JP Morgan Private Bank.

HSBC Private Bank has announced that Joss Mitchell will be joining their business development team in the UK with effect from mid-May.

His role will be to develop HSBC Private Bank's relationship with the professional community in the UK.

Mr Mitchell joins HSBC Private Bank from HSBC Investments where for the past five years he has worked within the sales teams of their institutional and private client asset management businesses.

Prior to this he worked at Deutsche Bank Private Wealth Management and Credit Suisse Private Bank, having joined Mercury Asset Management in 1987.

He will work directly with Michael Mount, managing director, business development and marketing.

Standard Bank has appointed Vernon Breese as business development director in its fund administration team.

Mr Breese will be responsible for the development of the bank’s offshore fund administration and will focus in particular on driving business forward in the emerging markets, including Russia and the Middle East, markets in which the bank sees potential for growth.

Arabella Saker becomes a private client partner in the London office of Magic Circle law firm Allen & Overy.

She advises private banks, individuals and trustees on wealth management and estate planning matters including the creation and taxation of trust structures, risk management, and trust, probate and tax disputes.

UK law firm Macfarlanes has appointed four new partners with effect from 1 May 2007, bringing the total number of partners in the firm to 72.

Of these, private client specialist Nicholas Harries was called to the Bar in 1995 and practised from 10 Old Square in Lincoln’s Inn until 2001, when he spent two years in the private client tax department at PricewaterhouseCoopers. He joined Macfarlanes’ private client department in 2003 and qualified as a solicitor in 2005.

UK private client and charity law firm Wilsons has announced four promotions into its equity partnership. These promotions reflect particular growth in demand for the private client team's international and offshore expertise.

Those promoted to equity partner are Michael Parker, head of litigation; Alison McKenna, head of charities; Adam Herbert, one of the private client team's offshore tax specialists and Tim Clayden, head of residential conveyancing, all from 1 August 2007 when the firm moves to LLP status.

Santander Asset Management has beefed up its UK equity team by hiring Richard Moore from Old Mutual, Hak Salih from M&G, Peter McLoughlin from Insight Investment Managers, and Stephen Payne from Corporate Synergy.

SAM has also brought over Fernando Gasca from its Santander Spain operation.

Northern Trust has hired Kate Stallard as a business development manager in its asset servicing sales team to focus on fund administration and custody sales to traditional and alternative asset managers in the Channel Islands.

Ms Stallard joins from HSBC Securities Services (Guernsey), where she was the director of sales, responsible for growing the company’s hedge fund, fund of funds, and private equity client base in the Channel Islands.

UK private bank Kleinwort Benson has appointed Chris Thomson as a private banker in its Edinburgh office.

Before joining Kleinwort Benson, Mr Thomson was at Altus Investment Management in Edinburgh where he was responsible for their Scottish business.

Paulo Ravelli, a London-based managing director at Morgan Stanley Private Wealth Management has left the bank.

In confirming the departure, a spokesman for Morgan Stanley told WealthBriefing that Mr Ravelli was most recently head of solutions. It is understood that he will not be directly replaced.

It is understood that Mr Ravelli, who was a long-standing employee of Morgan, had previously been head of the Italy desk.

Viorel Campeanu, the London-based head of Russian clients at Standard Bank has left to join Julius Baer in London.

Mr Campeanu, who reported to Nic Contomichalos, head of private banking at Standard, was with the South African bank for two years. Previously he was at both Credit Suisse and UBS, also for a two year stretch.

Peter Winkworth, Close Brothers Group finance director is to step down in the autumn shortly after the publication of the Group's 2007 annual report and accounts, according to a statement.

The company says it is now in the process of appointing a successor as finance director and will ensure an orderly hand-over.

Principal Investment Management, private client investment manager, has made seven new appointments to its board. The new directors are: Charles Brand managed funds, Peter Finnigan, Duncan Gager finance director, Matthew Groom investment operations, Adrian Jewitt sales and marketing, Sarah Moorcroft compliance and Chris Tolkien information, communication and technology. Gary Savill is being appointed company secretary of PIM.

A team of 12 client advisors and four assistants focusing on the Mexican wealth management market is leaving UBS in Zurich.

The team is destined for Credit Suisse in Zurich.

“The hiring of this team is in line with Credit Suisse's overall strategy to strengthen its Latin American wealth management business where we already have a leading role,” a Credit Suisse spokesperson told WealthBriefing.

A spokesperson for UBS told WealthBriefing that all the positions have already been filled internally by staff who are now up and running within the wider Mexico team.
Bank Sarasin has elected Hubertus Heemskerk and Sipko Schat to the board of directors at its recent annual general meeting.

Mr Heemskerk, a Dutch citizen, started his career with ABN Amro, where he worked for more than twenty years, in Tokyo, Dubai and London, among other places.

Mr Schat joined Rabobank in 1985 as a corporate lawyer. Over the past two decades he has held positions in structured finance in the Netherlands and in corporate finance in Ireland.

Three existing board members stepped down at the AGM: Diederik J.M.G. Baron van Slingelandt, vice-chairman, Philip Baumann and Thomas van Rijckevorsel.

Michel Arni has taken up the position of head of wealth management at Valartis Group, previously known as OZ Holdings. As a member of the group executive board, he will be responsible for the expansion of the group’s private-banking and family-office activities.

Mr Arni will be responsible for the development of new products and services for private banking and family office clients. He will also be in charge of the expansion of the organisational structures in Geneva and Zurich, in particular the establishment of a branch office of Valartis Bank in Geneva.

For the past thirteen years he worked for Rothschild where for the last ten years he was head of the private banking activities of Rothschild Bank, Zurich.

At Valartis, Mr Arni has taken over responsibility for the wealth management division which had been run on an interim basis by Michel Houmard.

MilleniumAssociates has appointed Ian Mullen as a member of its Global Advisory Board.

Mr Mullen has held top management positions at Midland Bank, Jardine, P&O, and at UBS where he was chief credit officer at UBS Private Banking.

Peter Scaturro, US Trust's chief executive officer will not join Bank of America, as originally planned, when the two companies combine later this year.

Mr Scaturro will step down from US Trust before the transaction is completed. No reason for the departure was given.

Mr Scaturro was lined up to head up the private banking business at Bank of America, after the North Carolina-based bank purchased US Trust from Charles Schwab last year.

Mr Scaturro was due to report to Brian Moynihan, head of the company's wealth and investment management unit.

Mr Scaturro previously ran Citigroup's private bank before leaving in 2004.

Instead, Bank of America will appoint Frances Aldrich Sevilla-Sacasa president of the company's new Private Wealth Management unit upon completion of its acquisition of US Trust in the third quarter.

Ms Sevilla- Sacasa will report to Brian Moynihan, president, Bank of America Global Wealth & Investment Management. She currently serves as chief executive officer of US Trust, where she recently replaced Peter Scaturro. She was previously president of US Trust.

Ms Sevilla-Sacasa joined US Trust in November 2005 from Citigroup Private Bank where she held positions as president of Latin America Private Banking, president of Europe Private Banking and head of the global wealth structuring business.

Bank of America has also appointed Peter Joers III Washington State president and Seattle market president.

Mr Joers will continue to serve as market executive of The Private Bank of Bank of America for Washington and Idaho.

Mr Joers succeeds Marie Gunn, who is retiring after a 38-year career with Bank of America.

San Rafael, California-based Epic Bancorp has appointed Paul Schaeffer as the new chairman of its Epic Wealth Management unit.

Alan Bortel has been named as vice chairman of Epic Wealth Management.

Epic Bancorp has appointed Carolyn Horan as its new chairman, and also as chairman of Tamalpais Bank. She stepped down from the Epic Wealth Management board as part of that new arrangement.

Comerica Bank named former Wells Fargo Private Bank executive from Colorado, Michael Wilson, to head national sales for its private banking business based in Texas.

Credit Suisse Securities (USA) has appointed Jack Rubin as a managing director and head of the Greenwich, Connecticut office for its Private Banking USA business.

Mr Rubin joins Credit Suisse from Silvercrest Distributors, where he was a managing director. Before that, he provided consulting services to EFG Private Bank.

Six US-based financial advisors have left Citigroup Smith Barney to join Morgan Stanley.

The six are Robert Labriola Peter Maloney and David Sherman, all of whom were based in New York, along with Seraphim Rine, Steven Shapiro and Roy Savarick who are Florida based.

Ray Mack has been appointed managing director in San Jose at US West Coast wealth manager and private bank First Republic. He will work with high net worth individuals and families, offering private banking, private business banking, investment management and trust services.

Prior to joining First Republic, Mr Mack worked for Wells Fargo Bank for 10 years as vice president and senior private banker in San Jose.

One of the UK’s Financial Services Authority’s senior directors has been selected as the new chief executive officer of the Bermuda Monetary Authority. Matthew Elderfield takes up the position on 16 July.

Mr Elderfield has been head of department, major retail groups division at the FSA since December 2004. In this position, he has been responsible for the supervision of eight banking groups including Barclays, HSBC, Lloyds TSB and Royal Bank of Scotland. He has also represented the FSA on the Basel Accord Implementation Group and chairs the FSA’s Basel Model Approval Panel.

Diane Thormodsgard has been promoted from interim manager of wealth management to vice chairman and head of wealth management at US Bancorp.

Ms Thormodsgard has also managed finance, operations and administrative functions for the company and its predecessors, including chief administrative officer and senior vice president for corporate trust services, senior vice president of regional community banking and chief administrative officer and treasurer for First Bank System Mortgage Corporation.

Wachovia has named Susan Mucciarone managing executive of its wholly-owned but independently branded private wealth subsidiary, Calibre, the third biggest private wealth multi-family office in the country.

Ms Mucciarone, who replaced the retiring Dan Prickett, reports to Stanhope Kelly, president of Wachovia Wealth Management.

Ms Mucciarone was previously regional managing director for Calibre in Philadelphia.

Canadian Scotiabank Wealth Management has made three senior appointments to accelerate growth in its asset management business.

Joining are John Varao as president, chief executive and chief investment officer of Scotia Cassels, Shane Jones as managing director of Canadian equities and senior portfolio manager, Scotia Cassels, and John Kellett as senior advisor to mutual fund business development.

San Francisco-based wealth manager S&Y Asset Management has added two new members to support its wealth management team.

Bruce Javer has been hired as a director responsible for sales of the firm’s investment management services, and Eric Carter will serve as a vice president responsible for supporting the firm’s sales efforts.

Mr Javer was formerly a vice president at Fisher Investments and previously worked for both Oppenheimer and Bear Sterns.

Eric Carter also joins from Fisher Investments where he worked extensively with high net worth individuals and institutional investors in the institutional sales group.

UBS Wealth Management has recruited a former Citigroup Smith Barney recruitment specialist for the ultra high net worth market to lead the firm’s recruitment efforts in private wealth management, part of its overall expansion plan in the US.

The Swiss bank announced it had appointed Jeff Bischoff, head of Private Wealth Management recruiting, responsible for top-tier teams and financial advisors, including those at private banks and trust companies.

Frank Moroni has left UBS Wealth Management US to oversee the Chicago branch complex at Morgan Stanley.

Mr Moroni will oversee two Morgan Stanley retail brokerage offices in downtown Chicago, and around 93 financial advisors.

He most recently ran the Chicago branch at UBS, where he started in 1984 with Kidder Peabody which was sold to PaineWebber in 1994.

At Morgan Stanley Mr Moroni replaces Jim Harrington. He will report to Jeff Adams, Chicago district manager.

Mellon Financial Corporation has appointed Daniel Hugo as a vice president and sales director of its private wealth management group.

His role will be to develop new business among high net worth individuals and families in the Rocky Mountain region, based in Denver and reporting to regional president Jon Stuck.

Guggenheim Partners Asset Management has hired Anne Bookwalter Walsh as a managing director. She will report to Scott Minerd, chief executive officer and chief investment officer of GPAM and managing partner of Guggenheim Partners.

Ms Bookwalter Walsh's most recent role was senior vice president and chief investment officer at Reinsurance Group of America. There she worked closely with Guggenheim, which manages approximately $3 billion of fixed-income assets reinsured by RGA.

Bank of Ireland Private Banking has appointed Kevin Quinn to director with responsibility for investments and pensions.

Mr Quinn has been a member of Bank of Ireland Private Banking’s senior management team since 2000, having spent the previous three years with Bank of Ireland Asset Management.

Prior to this, he held a number of product management roles in Irish Life.

Lloyds TSB International Private Banking has appointed Paolo Zaglia as head of front office in Monaco.

In the newly created role, Mr Zaglia will be responsible for the private banking teams in the Monaco office and will play a central role in raising the profile of the Monaco operation across the region.

Mr Zaglia joins Lloyds TSB from Barclays, where he was Monaco-based head of the discretionary investment team.

A native of Italy, he has lived in Monaco for the past nine years.

He will report to Dominic Voisin, director Monaco branch, Lloyds TSB International Private Banking.
German private bank Haupck & Aufhaeuser has confirmed that partner Dirk Drechsler has resigned.

According to media reports major shareholders in the private bank, German state controlled bank Bayern LB and insurers Muenchener Verein and WWK Leben had found an investor who had agreed to buy their combined 30 per cent stake.

The sale was, however, conditional on the replacement of Hauck & Aufhaeuser partners Frankfurt-based Michael Schramm, Peter Gatti and Volker van Rueth.

The proposed departures would have left Munich-based partners Dirk Drechsler and Alfred Junker in control of the company's strategy.

Credit Suisse has promoted Luigi De Vecchi to the position of chief executive for Italy, adding asset management and private banking to his existing remit of head of investment banking for the Swiss bank in Italy.

In his new role he will report to Michael Philipp, head of EMEA, who said that Mr De Vecchi's appointment highlighted Credit Suisse's commitment to the Italian market.

Tino Rampazzi will continue as head of Italian private banking and Matteo Bosco will continue to head up the asset management division.

Mr De Vecchi joined Credit Suisse in 2004 from Goldman Sachs.

Frank Klein has joined Deutsche Bank’s asset management division as a managing director and global head of institutional product management and development, based in Frankfurt and reporting to Roelfien Kuijpers, global head of the institutional business.

In his new role, Mr Klein will focus on distribution strategy and a product line that “reflects the diversity and innovativeness of DeAM's investment solutions”.

He joins from Sal Oppenheim where he was director of international distribution, having begun his career at Deutsche where he became an equity portfolio manager for international institutional clients with DeAM.

DBS of Singapore has hired the former head of Private Banking at CIMB in Malaysia, Tai Tek Lin.

Mr Lin joined last month as a senior vice president heading up the bank’s Malaysian clients reporting to Koong Kin Mun who runs DBS Private Baking operations in South East Asia.

Previously based in Kuala Lumpur, Mr Lin will now operate from DBS in Singapore.
Citi Global Wealth Management has promoted Kaven Leung as chief executive officer, Citi Global Wealth Management Asia Pacific.

Mr Leung has also been appointed to Citi’s management committee, which includes about 100 of Citi’s top business managers from around the world.

Mr Leung will now oversee all of Citi’s wealth management business in the region, which currently includes 13 markets: Australia, India, Indonesia, Singapore, Malaysia, Brunei, China, Hong Kong, Taiwan, Korea, Philippines, Thailand and Vietnam.

Previously, Mr Leung was Citigroup Private Bank market region head – Asia. This was a newly-created role last month. Prior to that he was North Asia Region head for Citigroup Private Bank overseeing the markets of Hong Kong, Taiwan, China, Korea, Thailand and the Philippines.

The Singapore operation of Julius Baer has hired a team of private bankers from the European client desk at Fortis Private Bank in the city state, according to sources.

The team is headed up by Geoffrey de Dieu and Joerg Hansen and is believed to comprise up to six relationship managers.

The team manages around $3.2 billion for Eastern European and Russian clients, according to the sources.

Commerzbank Private Banking in Singapore has confirmed the promotion of Henrik Mikkelson to head of Private Banking for South East Asia.

Mr Mikkelson took over the role on 1 March 2007.

Mr Mikkelson, who has been with the bank for two years, reports to Ubbo Oltmanns who has replaced Pascal Crepin as managing director, head of wealth management.

Mr Oltmanns’ role covers private banking, asset management and trusts
Blair Pickerell, former chief executive of Asia Pacific investment operations at HSBC is to join Morgan Stanley as managing director and head of investment management for Asia.

IOOF Holdings has appointed Tony Robinson as its new chief executive officer. Mr Robinson was until recently the chief executive of listed insurance and broking company OAMPS.

Previously, he was the chief executive of Wealthpoint and also held a variety of senior management roles at Link Telecommunications and Mayne Nickless.

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