People Moves

Executive Moves February 2007

Stephen Harris 6 March 2007

Executive Moves February 2007

Oswald Grubel is to retire as chief executive officer of Credit Suisse on 4 May 2007. He will be replaced by Brady Dougan, chief executive officer of investment banking, with effect from 5 May 2007.

Mr Brady joined the bank in 1990 and was appointed chief executive officer of Credit Suisse First Boston in July 2004. He was co-president of institutional securities since 2002.

Paul Calello, currently chief executive officer of the Asia Pacific region and a member of the executive board, will take over Mr Dougan’s role.

The Swiss bank has also announced that Robert Shafir will join as chief executive officer of the Americas and will have responsibility for investment banking, private banking and asset management.

Mr Shafir joins from Lehman Brothers where he was head of equities.

Rothschild Private Banking & Trust has strengthened its senior client-facing capabilities with the appointment of two new market region heads.

Christoph Schärer has been hired as head of Russia and Central Asia and Thomas Pixner has been appointed head of German Speaking Europe and Central & Eastern Europe. Both will be based in Zurich.

Mr Schärer joins from Bank Hofmann in Zurich where he was a member of the executive board and was responsible for private banking in Northern and Eastern Europe as well as the Middle East and Africa.

Mr Pixner latterly held the position of head of Private Banking at VP Bank in Vaduz, where he focused on European markets.

Barclays Wealth has appointed Philip Smith to the newly-created position of global Human Resources director.

Mr Smith's role will be to ensure that Barclays Wealth Human Resources provides advice, assistance and delivery capabilities at both a strategic and operational/tactical level on a global basis.

He will report to Frank McGarahan, chief operating officer, Barclays Wealth.

UBS has appointed Randall Beard as global head of marketing for UBS Global Wealth Management & Business Banking.

Mr Beard will be responsible for all areas of marketing within UBS’ global wealth management business, including marketing solutions, product and sales marketing, marketing technology and global sponsorship and events.

Mr Beard is expected to join UBS in early March and will be based in Weehawken, New Jersey, where UBS Wealth Management US is located.

He will report to Tom Naratil, head of market strategy and development for UBS Global Wealth Management & Business Banking.

Morgan Stanley in London has announced the appointment of Paul Marson as chief investment officer and head of their private wealth management investment group, reporting to Alexander Classen.

In this role, he will be responsible for all aspects of the group, including future product development and oversight of all discretionary investment strategies. He will also chair the asset allocation committee.

He joined on 1 March 2007 from Goldman Sachs, where he was most recently chief investment officer for Europe and the Middle East within the wealth management division.

He has been with Goldman Sachs since 2000 and was promoted to managing director in 2003. Before that he worked at JP Morgan and started his career at the Bank of England.

Brett Lankester, the head of UK private wealth management at Goldman Sachs has left the US bank.

Mr Lankester is joining Knightsbridge-based absolute return focused wealth managers ACP Partners which was set up by ex-Goldman Sachs partners Alok Oberoi and Joseph Sassoon in 2001.

Mr Lankester, a South African, has been with Goldmans since the early nineties and has built up a team of around 12 bankers in the London office, which services ultra high net worth clients.

Royal Bank of Canada has brought on board two new managers in its UK-based wealth management team.

David Bryden joins from the private banking unit at Credit Suisse. He was previously at Investec and Coutts.

Katie Stewart joins from NatWest where she was an independent financial advisor. Prior to that she worked for HSBC in Dubai.

Ms Stewart will be based in Jersey as a global wealth manager.

Merrill Lynch has strengthened its pan-European Global Private Client discretionary business with the appointment of Dominic Liversedge as a portfolio manager.

He joins Merrill Lynch Portfolio Managers in London, which focuses on managing the assets of high net worth individuals.

Mr Liversedge was previously with Taylor Young Investment Management for ten years, where he managed private client and institutional portfolios, as well as a UK Growth OEIC, with a focus on UK stock selection.

The appointment of Mr Liversedge brings the number of Portfolio Managers based in London to 20 and follows the recent hiring of Annamaria Lovell, Tim Bailey and Andrea Di Nisio from Cazenove Capital Management.

UK and South African-based Investec Private Bank has appointed James Featherstone to its banking and treasury division.

Mr Featherstone joins Investec’s Manchester office as part of the bank’s strategy to increase its presence in the north west of England and in Scotland.

Mr Featherstone, who was previously part of Anglo Irish Bank’s corporate treasury team, will be responsible for building a banking and treasury business in Manchester, which will focus on raising deposits via introducers.

Nick Elphick has been appointed managing director of commercial operations at Axa Wealth Management.

The appointment follows Axa’s November decision to form a dedicated wealth management business.

David Oates has also joined the firm, as head of customer service while Nick Turner has taken on the role of director of sales.

Mr Elphick was previously a director of IT and operations at Winterthur Life UK.

UK-based law firm Trowers & Hamlins has boosted its private client team by promoting Robert Brodrick, a senior solicitor within the department, to partner.

Mr Brodrick joined Trowers & Hamlins in 2004, having previously worked for Withers.

Europe Arab Bank, London-headquartered subsidiary of Jordanian-based Arab Bank, has appointed Leila Alameddine to the new role of managing director of private banking in Europe.

Ms Alameddine rejoins EAB from JP Morgan where she was vice president of sales in the global corporate trust department, responsible for new business development and the sales and marketing strategy for western Europe, the Nordic region and the Middle East.

At EAB Ms Alameddine will head a team developing investment products and services aimed at wealth preservation and creation for EAB’s high net worth clients located in Europe, the Middle East and North Africa.

Mireia Sitjas-Montaner has joined Barclays Wealth as head of foreign exchange for its investment and product office.

Ms Sitjas-Montaner will report to the firm's chief investment officer and head of IPO, Kevin Lecocq, with responsibility for directing and implementing Barclays Wealth's overall foreign exchange proposition. She will work in collaboration with teams from Barclays Capital, Barclays Wealth Intermediaries and Corporates and Barclays Stockbrokers.

Ms Sitjas-Montaner joins from HSBC where she was associate director of FX bank sales/global markets. While at HSBC, she marketed a full range of FX and other high value products, including derivatives.

Graham O’Connell has rejoined accountancy firm Rawlinson & Hunter as a director of the UK firm after a spell at BDO Stoy Hayward in their international tax planning team.

Mr O'Connell first joined in 1996, working on offshore structures and advising clients either not resident or not domiciled in the UK.

He also has expertise in providing advice on the taxation implications of commercial transactions for individuals and will be working with the private client advisory team.

Malcolm Glaister, a vice president at JP Morgan Private Bank in London is leaving to join Banque AIG in London.

Mr Glaister deals with UK resident non-domiciled clients and reported to Olivier de Givenchy, head of the UK operation, at JP Morgan.
London-based investment manager Dalton Strategic Partnership has confirmed that Mark Bunting is to join them as a private client portfolio manager.

Mr Bunting joins from Cazenove Capital Management where he was a fund director. At DSP he will work with Rupert Caldecott, who joined from Cazenove in 2006.

Standard Bank Offshore have appointed Richard Summerfield as the new HR director.

Based in Jersey, he will drive the HR strategy across Jersey, Isle of Man and Mauritius.

Prior to joining Standard Bank Mr Summerfield worked as an HR consultant for Zurich Financial Services where he was most recently responsible for overseeing their UK recruitment operations. Previously he was at Barclays Bank in London.

Credit Suisse has appointed Stewart Brenner as a managing director and regional head of market development for Private Banking Americas. He will be based in New York and report to Anthony DeChellis, managing director and head of Private Banking Americas, the ex-head of UBS wealth management in the US.

This is a newly created role, in which Mr Brenner will be responsible for developing the wealth management business in the Americas and driving growth plans.

Mr Brenner joins Credit Suisse from UBS, where he was the chief operating officer for Private Wealth Management, USA.

When Mr DeChellis left UBS last May, Mr Brenner took over his post in the five-month interim until the Swiss bank named John Straus as head of the wealth management group.

Prior to joining UBS, he was a managing director of S&Y Asset Management, managing director and head of client solutions for Merrill Lynch's Private Banking and Investments group and a vice president in equity capital markets at Goldman Sachs.

Sentinel Benefits, a Wakefield Massachusetts-based benefits and investment advisory consulting firm, has promoted Michael Carlson to principal in its Wealth Management Group.

Mr Carlson is now responsible for overseeing all of Sentinel’s advising consultants and providing uniform investment guidance.

He had previously served as a senior investment consultant. His focus was offering fee-based investment management services to individuals, endowments, and retirement plan sponsors.

Prior to joining Sentinel, Mr Carlson served as a registered representative for Putnam Mutual Funds.

Greg Jones has joined UBS Wealth Management US as head of Diversity, reporting to Teri Karole, head of Human Resources for UBS Wealth Management US.

Prior to joining UBS, Mr Jones served as senior vice president, executive and diversity recruiting at Bank of America.

Wachovia Wealth Management has promoted Thomas Joyce to regional managing director for Wachovia Trust in Georgia, Alabama, Florida and Texas.

Mr Joyce has been with Wachovia for 11 years and previously served as the managing director for the Wachovia Trust team in West Palm Beach.

Mellon Financial Corporation has appointed Robert Penney as president of its Private Wealth Management group's new Connecticut region and will head the group's sales, portfolio management and private banking efforts throughout the state.

Mr Penney will reports to Vicary Graham, Private Wealth regional president for Boston at Mellon.

He was most recently managing director and sales manager for US Trust in Connecticut.

Joining Mr Penney, also from US Trust, as managing director is Paul Tracey, who will be responsible for private client portfolios.

Mellon Financial Corporation has also appointed Roger Begin as vice president and senior sales director for Mellon's Private Wealth Management group in Providence, Rhode Island.

Mr Begin will be responsible for new business development, focusing on high net worth individuals in greater Providence and throughout Rhode Island.

Mr Begin joins Mellon from Bank of America where he had both institutional and private client management roles.

Mellon has also appointed Erin Gorman national sales manager of its Private Wealth Management mortgage group.

Ms Gorman will be based in Mellon's Boston office and will report to Lawrence Hughes, executive director.

Prior to rejoining Mellon, she was founder and managing principal of her own Boston-based mortgage brokerage boutique, specialising in the high-end marketplace.

Bear Stearns has appointed Gary Fournier to the firm's Private Client Services group in Los Angeles as a managing director.

Prior to joining Bear Stearns, Mr Fournier was at UBS where he was one of their largest producers. Previously, he was at Salomon Smith Barney.

Specialising in managed accounts and fixed income investment solutions, Mr Fournier and his team manage over $1.1 billion in client assets.

Jacqueline Harrell has been named senior vice president of the Private Bank of California. She was previously with Wells Fargo Bank.

Deutsche Bank Alex. Brown, the US Private Client Services division of Deutsche Bank Securities and Deutsche Bank Private Wealth Management has appointed Rick Faby as a managing director and regional executive in Baltimore.

Mr Faby joins from Morgan Stanley, where he was a senior vice president, head of the Baltimore operation, and helped launch the firm’s North Baltimore office and five others.

Mr Faby will report to Michael Burke, managing director and head of US Private Client Services. He succeeds Bill Baird, who has been appointed to head up the Branch Supervisory Organisation.

Craig Hurwitz has joined Cleveland-based National City as senior vice president and market executive for its Private Client Group.

Mr Hurwitz most recently served as a senior portfolio manager at Merrill Lynch. He replaces Leslie Hale, who will head the bank's Private Client Group in Louisville.

UBS Wealth Management has appointed former president and chief executive officer of US Trust Co, Craig Walling, to head the business’ Private Bank unit in the US.

Mr Walling’s appointment is part of the group’s push to provide holistic wealth management services to ultra high net worth clients, according to a statement.

He will be responsible for expanding and enhancing UBS’ private banking offering in the US and reports to John Straus, head of Private Wealth Management for UBS Wealth Management US.

Mr Straus will assume the role and responsibilities of chairman, Private Bank, Wealth Management US.

Global search firm Boyden has appointed Seiki Murono as managing director in the firm’s San Francisco office.

Mr Murono will specialise in senior-level searches in financial services, including private banking, wealth management and corporate banking positions.

Prior to joining Boyden, Mr Murono spent 25 years with Chase Manhattan Bank, where he most recently served as Senior Vice President of the bank and President of the Chase Manhattan Trust Company of California.

The PrivateBank - Chicago, a unit of PrivateBancorp, appointed Marcia Bowden, Mark Ganchiff, Christopher Hoste and John Presberg as managing directors. The four had been associate managing directors. Ms Bowden is director of human resources.

HSBC Investments, part of the bank’s asset management business, has promoted Christian Deseglise to become global head of its emerging markets business.

Mr Deseglise is based in New York and will report to Farley Thomas, global head of business development at HSBC Investments, and Steve Baker, chief executive officer of HSBC Investments (USA).

Adriano Vassalli has taken over as its chairman of Lugano-based Banca Arner, succeeding Ivo Sciorilli Borrelli who has become deputy chairman, in turn replacing Johannes Stolba, who remains a director.

Mr Vassalli, who was already a director, trained as an accountant, and had previously worked at Arthur Andersen in Switzerland.

Mr Sciorilli Borrelli had been chairman since 2005, following the resignation of Lucio Velo.

Zurich Kantonalbank has named Martin Scholl as its next chief executive, as from 1 January 2008, succeeding the retiring Hans Vogeli.

Mr Scholl joined the bank in 1977 and is currently head of the private client business. He is also a director of Swisscanto, among other companies.

Kristinn Kristinsson has been appointed Head of Private Banking Geneva at Bank Sarasin.

He will assume responsibility for the entire business with Swiss and international clients served out of Geneva effective 1 March 2007.

In addition to the being responsible for the operational management of the bank’s Geneva branch, Mr Kristinsson will become a member of the management board of the Private & Institutional Clients Switzerland division, which is headed by Eric Sarasin and Marco Weber.

Mr Kristinsson joins Bank Sarasin from Credit Suisse Private Banking, where he was previously regional manager for Greece (including Cyprus and Malta).

HSBC Private Bank has appointed a new team of Eastern European specialists to be based in Geneva to complement the existing team in Zurich.

The team, Jean Goutchkoff, Vladimir Weber, Anna Lake Vouga and Maria Stiouart Gyr joined on 1 February and previously worked at Julius Baer, Ferrier Lullin and the Bank of New York.

Mr Goutchkoff will be responsible for all Eastern Europe and CIS business across HSBC Private Bank. He will report to Christoph Streule, head of Atlantic, Continental and Eastern Europe in HSBC Private Bank Switzerland, and will head up teams in Geneva, Zurich, London and Moscow.

Mr Weber will desk head for the team in Geneva.

Merrill Lynch has upgraded its support for its Global Private Client business with three appointments to the private investors team based in Geneva.

Jean-Mark Lueder becomes manager of ultra high net worth customers. Previously he worked as a risk consultant and as a manager with Société Générale and Dexia.

Mr Lueder also worked for BNP Paribas as a specialist in portfolio construction.

Shireen Meyer de Stadelhofen has been appointed as a specialist in foreign exchange markets. He was previously a macroeconomist at HSBC and for six years a senior strategist at BNP Paribas.

Dao Te-Lagger has been appointed to analyse the performance and risk of clients’ portfolios. He was previously a senior financial analyst for Tetra Laval International and Goldman Sachs in Zurich.

Juan Soto has been appointed JP Morgan Private Bank's new market manager for Spain and Portugal. Mr Soto is currently a senior banker in the Spanish team, having joined the bank in 1994.

The bank has also announced that Benoit Dumont has been appointed chairman of the board of JP Morgan (Suisse), replacing Andreas von Planta, who will continue to serve on the board as vice-chairman.

Mr Dumont, who is Geneva-based had previously been general manager of JP Morgan (Suisse).

Moving up to general manager in Geneva is Pablo Garnica.

Mr Garnica, formerly market manager for Spain and Portugal, will move from Madrid.

Gratian Anda has taken over as chairman of Privatbank Ihag Zurich.

Mr Anda, who was previously deputy chairman, takes over from Heinrich Wegmann, who had been in the post since 2004.
Russell Harless has joined Banque Genevoise de Gestion.

Mr Harless was formerly with Barclays International Private Bank where he was head of the African business based in Geneva until he left last August.

Mr Harless joined Barclays in 2003 from HSBC where he was head of the sub-Saharan African team. He started his career in 1986 at UBP.

Merrill Lynch has created a portfolio management team in France as part of its ongoing focus on driving the growth of its Global Private Client pan-European discretionary business.

The team will initially comprise Richard Jablonowski and Mathilde de la Serviere.

Mr Jablonowski joins from Merrill Lynch Portfolio Managers in London, where he has been a portfolio manager since joining in 1999. He has held a number of roles within MLPM and most recently was responsible for the UK managed fund service.

He will report jointly to Andrew Clark, head of Merrill Lynch Portfolio Managers and Gilles Dard, market leader GPC Northern Europe.

Ms de la Serviere joins ML GPC from HR Gestion in Paris, where for five years she was director of research, responsible for the strategy and construction of discretionary portfolios.

Prior to that, she had responsibility for managing US equities at NSM Gestion, part of the ABN Amro group.

Ms de la Serviere will report to Mr. Jablonowski and will be a key member of the pan-European investment team while managing discretionary portfolios from Paris.

Alex Buffet, the former joint chief executive of Société Générale Asset Management’s UK operation, has been promoted to the group’s head of marketing.

Mr Buffet will succeed Jean-François Hirschel and will relocate from London to Paris and will also become a member of SGAM’s executive committee.

Northern Trust has appointed Gerry Brady as managing director of its international fund administration operations in Dublin.

Mr Brady joins from Capita Financial Group based in Dublin where he has been managing director for Ireland since 2005. Previously, he worked for Bank of Bermuda, latterly as regional managing director for Europe and Bank of Bermuda, Ireland.

Concurrently, Vic Holmes, who has been managing director in Dublin, relocates to Guernsey in the role of chief executive of Northern Trust’s Channel Island businesses and managing director of Northern Trust International Fund Administration Services (Guernsey).

Middle East
Global asset management group, Forsyth Partners, has promoted Jon Nash to be global head of sales.

Mr Nash joined Forsyth Partners Global Distributors in June 2005 as head of global private banking relationships based in the group's head office in Dubai.

He is now responsible for coordinating all sales activities across the distributors’ eight offices.

Société Générale Asset Management has appointed Pierre de Bonneville as head of the Middle East region, replacing Patrick Peignon.

Mr de Bonneville will be responsible for accelerating and co-ordinating SGAM’s development in this area. He retains his role as head of family offices, having joined SGAM in 2005 in that capacity.

Previously, among other jobs, he developed the debt derivatives team for Citibank in Paris before joining Bank of America as head of trading and sales.

Manoj Prasad is leaving Barclays Wealth in April. He was a director and market leader for the South Asia business based in Dubai.

Mr Prasad had been at Barclays for two years and reported to Soha Nashaat, head of Middle East, Barclays Wealth.

He was formerly at HSBC in Dubai, concentrating on the non-resident Indian market.
Barclays Wealth has appointed three Middle East specialists to its Private Bank.

Yousef Helou, Tarek Malas join from Merrill Lynch in London where they focused on high net worth clients in the Gulf region.

Mr Helou joins as a managing director. He was a senior vice president at Merrill Lynch where he was actively involved in developing high net worth and ultra high net worth business in the Arabian Gulf with a focus on Kuwait, Saudi Arabia, UAE and Qatar.

He also covered a number of institutional clients in the region.

Mr Malas was previously a vice president at Merrill Lynch working as a financial advisor within Merrill Lynch's London office, focusing on UAE, Kuwait and Saudi Arabia.

Lastly, George el Khoury joins from Kuwait Financial Centre.

All three will report to Soha Nashaat, head of Middle East, Barclays Wealth. They join with immediate effect and will be based in Dubai.

Goldman Sachs has expanded the number of managing directors in Asia from one to six.

As part of the re-shuffle, Hsueh Ming Wang, who is a founding member of Goldman Sachs' investment banking business in China, will become chairman of the investment management division, which includes the asset management and wealth management operations, based in Hong Kong.

She will be responsible for business development in China.
Citigroup has replaced Ravi Raju as head of investments for Citigroup Global Wealth Management for the Asia-Pacific and Middle East Region with Samir Raslan.

Mr Raju is joining Deutsche as head of wealth management in Asia, replacing Rico Caduff, who has been appointed to a newly created role as the division's chairman. Kenneth Toong, currently head of private wealth management for North Asia, has been appointed deputy head of private wealth management for Asia.

Mr Raslan joined Citigroup in 1998 and leads the formation of the investment business.
Philippe Theytaz has been named as executive director and head of business development, a new position created for the wealth management arm of Societe Generale in Asia.

Mr Theytaz has been based in Singapore since January 2007 and will play a key advisory role in SG Private Banking’s development plans for the region, reporting to the executive committee of SG Private Banking (Asia Pacific) led by Daniel Truchi, global head of SG Private Banking and chief executive of SG Private Bank Asia Pacific.

Mr Theytaz was previously head of IBM business consulting services, based in Geneva.

Schroders Asia Pacific has appointed Mike Imam as head of private bank sales for Asia, to be responsible for the development of Schroders’ business through private banks in the region.

Based in Hong Kong, he will report to Lieven Debruyne, head of retail business, Asia Pacific.

Prior to joining Schroders, Mr Imam was head of private banking advisory for the Asia asset management division at Credit Suisse.

Latin America
Morgan Stanley Private Wealth Management has hired two additional teams to serve high net worth clients in the Latin American market.

A team of two investments representatives, executive director Gustavo Klimberg and executive director Jaime Fals, will focus principally on Central America and the Caribbean, and will be based in Miami.

They join from Lehman Brothers with combined assets of more than $400 million, and will report dually to Jon Mallon, executive director and regional sales manager for Latin America and Ernesto de la Fe, managing director and head of Latin America.

To increase coverage in the Southern Cone and Mexico, Morgan Stanley has hired a team of six investment professionals who will be based in New York.

The team includes three investments representatives: executive directors Jose Canasi, Jorge Carreras and Carlos Molina. They will be joined by Cintia Perry, Jennifer Ugarte and Kelly Mejia, who will support the group.

The team joins from Merrill Lynch with combined assets of over $350 million, and will report to Mr de la Fe.

Morgan Stanley has also announced former Lehman Brothers executive Jon Mallon joined the firm to head regional sales for its Latin American Private Wealth Business based in Miami, building on a team of former Goldman Sachs and other Lehman converts.

Mr Mallon started his career with Morgan Stanley in 1992 as part of the structured products team serving the private wealth division, and then spent six years in various senior roles at Lehman Brothers, according to a statement.

He will report to Ernesto de la Fe, managing director and head of the regional wealth management business – another former Lehman executive who came to Morgan Stanley towards the end of last year.

Mr Mallon brought with him five former Lehman investment professionals with combined assets of $600 million to serve high net worth Brazilian clients and institutions in the Latin American market.

This followed the addition of 10 ex-Goldman Sachs investment professionals with $3 billion in assets in late January.

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