People Moves

Executive Moves July 2007

Stephen Harris 6 August 2007

Executive Moves July 2007

International
Former US Trust chief executive, Peter Scaturro has been appointed global head of Goldman Sachs Private Wealth Management.

Mr Scaturro left US Trust before it was acquired by Bank of America from Charles Schwab, a deal that closed on 1 July 2007.

Mr Scaturro left Citigroup, where he ran 98 private bank offices in 38 countries, in 2004 after regulators forced the shutdown of its private bank in Japan, and was given the chief executive role at US Trust in 2005.

Aviva, the UK's biggest insurer, has hired Alain Dromer, previously global head of group investment business at HSBC to head its Morley fund management arm and to build a global asset management operation.

Mr Dromer will be appointed to Aviva's group executive committee and will report to chief executive Andrew Moss.

Prior to HSBC, Mr Dromer was a member of the executive committee of Credit Commercial de France, where he was responsible for asset management and insurance. He joined HSBC in 2001.

UBS Global Asset Management has appointed Liz Ward as global head of capabilities management for the fixed income team. She will be based in London and will manage the global team of fixed income capabilities managers.

Peter Bourne has been appointed managing director of South African-owned asset manager Ashburton, taking over from Trevor Falle, who continues as chief executive of FirstRand International Asset Management, Ashburton’s parent company, and who remains on the Ashburton executive board.

Bank of America has poached Jeff Carney from Fidelity Retirement to run its retirement wealth activity. The business which serves 17 million customers aims at people planning for and in retirement.

London-headquartered law firm Withers has announced the promotion of nine lawyers to its partnership. This takes the firm’s total partnership to 103 across its six offices worldwide.

The London office gains five new partners across three of its practice groups: Paul McGrath in corporate, Christopher Groves, Catherine Hill and Matthew Woods in wealth planning and Suzanne Todd in family.

In the US, the wealth planning team gains four new partners: Sandra Viana in New York, Rich Fava in New Haven and Todd Angkatavanich and Amy Renkert-Thomas in Greenwich.

UK
JO Hambro Investment Management has appointed Stephen Browne as director of Private Client Business Development.

Mr Browne joins from Merrill Lynch, where he worked for three years, latterly as manager of Intermediary Business Development.

Prior to this, he worked as business development manager at international law firm Freshfields Bruckhaus Deringer.

Mr Browne will report to Anthony Balniel, head of Private Clients at JOHIM and will work closely with Charles Egerton-Warburton and his team at Credit Suisse UK, which owns the business.

BlackRock has named Alex Hoctor-Duncan as head of UK Retail, with overall responsibility for sales, marketing and distribution of BlackRock’s range of retail funds in the UK.

Mr Hoctor-Duncan was head of the UK Retail sales division for the last three years. He takes over from Richard Royds who has been appointed head of BlackRock’s International Retail Client Programme.

Kaupthing Singer & Friedlander have appointed Michael Morley as managing director of Singer & Friedlander Investment Management.

Mr Morley was previously managing director and head of International Private Banking at Barclays Wealth and is a former head of UK Private Banking at Merrill Lynch.

Absolute return specialist Bedlam Asset Management has appointed Felicity Smith as senior fund manager responsible for the European Fund and co-managing the UK Fund and Bedlam 200 Fund with Jonathan Compton, managing director.

Ms Smith was previously an equity investment director at Morgan Stanley Investment Management covering the UK and European equity markets; prior to this she was a Portfolio Manager at IAI and a senior analyst at ABN Amro.

Dave Cheeseman has been appointed head of finance with Ian Haskins and Graham Batchelor taking on finance business partner roles for AXA and Winterthur Wealth Management.

Tom Wilkinson, former strategy manager with AXA in Paris, is new head of strategy and Dave King has become head of strategic implementation, a position he held with Winterthur.

Kevin Dean remains managing director of AXA Isle of Man, and Jacqui Self has been appointed head of human resources for the new unit.

Nick Elphick was recently appointed managing director for AXA Wealth Management, reporting to AXA and Winterthur Wealth Management chief executive Mike Kellard.

Jonathan Lancely has left Barclays Wealth to rejoin UBS Wealth Management.

Mr Lancely left UBS, where he worked as a director in London, last November. Upon rejoining UBS, he will be an executive director and desk head looking after high net worth clients.

London independent multi-manager IMS has made two hires and a promotion with growth in mind.

Mick Fitzgerald joins as director, investment operations from Bedlam Asset Management which he helped set up in 2002 and where he was head of operations; prior to that he managed a large team at Equitable Life.

David Carr joins IMS as an associate, quantitative research, having previously worked at Tesella Support Services.

Victoria Callcott has been with IMS since April 2006 as an associate director and moves up to director, client services with particular responsibilities for corporate pension fund clients. She was previously at Smith & Williamson.

Marc Farror has been appointed business development director at Mourant Private Wealth in Jersey.

UK's Aegon Asset Management has hired three property fund managers from Morley Fund Management: Philip Clark, head of the Morley specialist funds team, Gerardine Davies, manager of the £4.2 billion ($8.5 billion) Norwich property trust, and David Wise, manager of the Norwich property investment fund.

Morley has appointed Chris Laxton to run the Norwich property trust which he created in 1991 and the Norwich property investment fund until Morley finds replacements for Ms Davies and Mr Wise.

Nader Goodarzi, who joined Ansbacher as group head of wealth management in April 2007, has been appointed to the Ansbacher Group’s London board, leading the sales and marketing, product development and investment management activities for the group’s wealth management offering.

Also at Ansbacher, Susan Godin, head of strategic planning, has joined the London board and chief operating officer in London.

SG Hambros Bank, part of SG Private Banking, has taken on Ian Walker and Roger Plummer, both from Coutts, to join its UK regional private banking team. Both will be senior private bankers reporting to Eric Barnett, managing director of SG Hambros Bank.

Mr Walker was a senior financial planning specialist at Coutts and previously a director at UBS Wealth Management; Mr Plummer was a senior private banker at Coutts and was previously senior private client manager at HSBC Trust, based in Oxford.

At ABN Amro’s private client business in London four client advisors are being made redundant and five resigning to join ING.

ABN Amro has confirmed the four redundancies as being Trevor Forbes, John Matthews, Ratna Kakkar and Ian Bates.

Going to the London operation of ING in the next few months are Syed Bashir Ahmad, who was head of the private client business at ABN Amro in London, Imran Noon, Iain Lovie, Vijay Acharya and Keeley Horwood.

ING is understood to be planning to scale up its private client operations in London.

The moves are thought to leave ABN Amro with only a handful of private client advisors in London, according to sources.

Carol Ferguson has been elected as chairman of the UK's Association of Investment Companies. The first woman to take the role, Ms Ferguson has been deputy chairman since 2004. She will succeed Hamish Buchan from 11 December 2007.

She was previously a partner at stockbrokers Wood Mackenzie and Co.

Barclays Wealth has appointed Pauline Tierney as head of corporate actions for its UK investment operations, based in Glasgow.

Ms Tierney was formerly head of asset servicing Europe at State Street and head of Treasury at Deutsche Bank.

Rathbone Investment Management International is expanding in Jersey with the addition of a team of four from Close International Asset Management in Jersey, the first of whom will start in October 2007.

The team - Peter Paturel, Vaughan Rimeur, Phil Bain and Tim Ford - are currently responsible for both the investment strategy and management of a range of segregated domestic and international portfolios, unitised products and multi-manager funds for private clients, trustees and intermediaries.

Paul Scott, who set up Coutts' Liverpool office in 2003 to cater for the region’s growing band of the bank's high net worth clients, left the bank earlier this month.

Mr Scott, who had also previously worked for HSBC and Barclays, has joined independent property finance firm, GB Finance.

SG Hambros in London has made two appointments aimed at strengthening its structured products team and widening its structured asset management products range.

Manish Singh joins as head of Structured Products Solutions, with a background in quantitative analysis and equity research; he has spent the past two years at Société Générale as a quantitative research analyst in European equities and has also worked at UBS. He will report to Andrew Popper, chief investment officer of SG Hambros, and Nicolas Cagi-Nicolau, global head of SPS for SG Private Banking.

Dalton Strategic Partnership, the independent investment manager headquartered in London, has added David Graham as a new partner and head of International Client Relationships, as from October.

Mr Graham will be overseeing the DSP’s client relationships and sales effort in Europe, Middle East, Africa and Asia Pacific. He joins from BlackRock where he was responsible for Platinum Clients within the retail organisation.

DSP has also appointed William Kung who joins as a sales director in its Hong Kong office to cover institutional and retail markets in Hong Kong and Asia. He joins from Schroder Investment Management where he spent seven years on the institutional business development side.

State Street Global Advisors, the investment management arm of US bank State Street, has boosted its London operation with multiple hires across its portfolio management, client services and sales teams.

SSgA has added five to its portfolio management platform. Bill Street was named as the head of its International Active Rates team, Peter Spano as an investment manager and Lee Collins as an assistant investment manager with its Fixed Income Beta Solutions team.

The firm has also brought in Rob Dowling as a portfolio manager in its Global Structured Products Group and Jenya Emets as product engineer on the European Active Equity team.

The client services team has also been strengthened with the addition of Scott MacMillan from Resolution Life, Sophia Papagiannopoulou from Citibank, Julie Caffrey from Equitas, and Andrew Wold who transferred from SSgA’s own Munich office.

In addition, John Pyburn has been brought over from Canada Life to work on partnerships with third party distributors of investment and savings products, while Nick Clarkson formerly with F&C Investments has joined SsgA’s consultant relations team.
At Smith & Williamson, London-based business and investment advisors, Andrew Penman and Chris Shepard move up to be directors in the private client tax services department.

Mr Penman's work is largely in the area of international personal tax planning; Mr Shepard specialises in the taxation, administration and accounting of UK trusts.

Henderson Global Investors has promoted George Latham to be head of SRI funds. Mr Latham joined Henderson in 2001 as an SRI fund manager and became associate director of SRI funds in 2004.

Merrill Lynch Global Private Client has hired a new team of four financial advisors. Based in London, Victor Polak, Mark Tuinman, Floortje de Wind-Maxwell and Tina Strømlev will focus on Dutch clients and will report to Geoffrey Bruyn, Market Leader for the Netherlands, Merrill Lynch GPC.

Prior to joining Merrill Lynch, Victor Polak was first vice president of Investments at Citigroup.

Mark Tuinman joins from Citigroup, where he was vice president working with high net worth individuals, family offices, small and midsize institutional clients.

Floortje de Wind-Maxwell was an investment associate at Citigroup where she developed a new sales and marketing strategy focusing on individual target markets.

Tina Strømlev is a specialist in fund management and hedge funds, and has led an after-sales fund department. She joins Merrill Lynch from Goldman Sachs.

Crispin Henderson, managing director of global asset manager Threadneedle, has been promoted to chief executive officer in place of Simon Davies who will become executive chairman. Both men will take up their new posts on 1 August.

Thames River Capital has appointed two executives to propel delivery and sales to intermediaries and professional investors in the regions.

Jason Anderson, previously at Fidelity International, will steer intermediary sales across southern England, while Paul Moulton, formerly with Scottish Widows, will cover northern regions and Scotland.

Scottish Widows Investment Partnership has appointed Malcolm Naish as head of property, overseeing a team of 26 investment professionals. He will join in October 2007, reporting to Andrew November, chief investment officer of fixed income and property.

Mr Naish was formerly director and head of DTZ Investment Management, where he was responsible for growing the business in the UK and in international markets.

SWIP has additionally appointed Haseeb Hassan and Mark Briggs as investment managers within SWIP’s UK property team.
UK asset manager London & Capital has appointed Alison Yard as Head of Real Estate Funds. She joins from Arlington Property Investors, where she was a fund manager with responsibility for the £1.7 billion Arlington Business Park Partnership.

Ms Yard will report to Iain Keys, director of Real Estate, and will be responsible for overseeing strategy and for analysing market conditions for L&C’s directly-invested funds, including the German and UK Real Estate funds, and its UK Public Sector Fund.

London & Capital has hired Robin Matthews as acquisitions manager with responsibility for seeking out acquisitions in the UK market funds, as well as sourcing opportunities for the private client property business. Mr Matthews joins from property consultants Colliers CRE where he was associate director of investment markets.

Hubertus Bäumer has also been appointed as assistant German Real Estate Fund Manager.

Matthew Spencer has joined Credit Suisse’s UK private banking business as a director and head of Intermediaries. He will report to Charles Egerton-Warburton, head of UK/Eire Private Banking and will be based in London.

Reporting to Mr Spencer will be the existing intermediaries team of Jane Clough and Andrew Beresford Davies, as well as Stephen Browne who recently joined JOHIM as Director of Private Client Business Development.

Mr Spencer was previously a director and Head of Private Client and Charities Marketing at Jupiter Asset Management. Previously he was business development director at Singer & Friedlander Investment Management.

Withers, the international private client law firm has appointed media and public law partner Jennifer McDermott from the London office of Addleshaw Goddard, where she headed the Media and Public Law Group.

Ms McDermott specialises in reputation management advice for wealthy individuals and companies.

International law firm Ogier has strengthened its Cayman law practice group with the appointment of Gordon Howorth and Daniel Smith to its London office.

Mr Howorth has experience working within international and offshore investment, including hedge fund, private equity and cross-border structures, across Europe, the Americas, Africa and Asia.

Mr Smith, an Australian solicitor and barrister, joins from Finlaysons Lawyers in Adelaide.

Ogier has also announced a number of senior appointments in their Jersey offices as part of its career succession programme.

From 1 September 2007, Raulin Amy and Dan Richards will become partners of Ogier Group and the Ogier legal partnership in Jersey. Both are part of Ogier’s business and trust law group in Jersey and moved up to managing associate in 2006.

Mr Amy joined Ogier in 2000 and advises on a wide range of local and international corporate transactions, restructurings and related banking matters as well as investment funds.

Mr Richards joined Ogier in 2005 from Mourant du Feu & Jeune, prior to which he was at Lovells in London. His practice encompasses investment funds as well as corporate and banking finance.

On 1 August 2007, Nathan Powell will be promoted to managing associate in Ogier’s Jersey legal practice. He joined Ogier in 2006 from Freshfields Bruckhaus Deringer in London. He specialises in corporate advisory work (including private equity structures, mergers and acquisitions and IPOs) and investment funds.

Also on 1 August, Jane Pearce will be promoted to associate director in Ogier Fiduciary Services. Ms Pearce is part of the investment funds administration team and joined Ogier in 2006 from Kleinwort Benson in Jersey.

Wealth management specialist James Inglis has been promoted to partner in the Private Client Group in Scottish law firm MacRoberts.

Mr Inglis advises high net worth individuals on inheritance tax planning and capital gains tax mitigation.

West End law firm Boodle Hatfield has added to its team with the appointment of Hayden Bailey, a senior solicitor from Penningtons. Mr Bailey, who has four years post-qualification experience, joined Boodle Hatfield’s private client and tax team at the beginning of July 2007.

While at Penningtons, he was a contributing author to a leading work on wills and trusts and responsible for the monthly training sessions of the firm’s junior private client lawyers.

Boodle Hatfield now has 10 partners and 34 fee earners in its private client teams.

Switzerland
UBS has appointed Marcel Rohner as the Swiss bank’s group chief executive officer. Mr Rohner was previously global head of Wealth Management & Business Banking.

Mr Rohner succeeds Peter Wuffli, who relinquishes all of his functions at UBS, according to a statement from UBS.

Raoul Weil succeeds Marcel Rohner as chairman and chief executive of Global Wealth Management & Business Banking. He was previously head of UBS Wealth Management International.

Marcel Ospel will be nominated for another term as chairman of the board of directors once his current term expires, says the bank.

EFG International has appointed Keith Gapp to the newly created role of head of Strategic Marketing & Communications.

Based in Zurich, Mr Gapp will also take up a seat on the Executive Committee of EFG International.

For the past eight years, Mr Gapp has been managing partner of GMQ, a strategic consulting boutique specialising in private banking.

The executive board of the foundations established by Credit Suisse (Accentus, Empiris and Symphasis) is being extended to meet the increased requirement for charitable commitment.

The Swiss bank has announced that from mid-2008, Professor Joseph Jung will move up to the respective Boards of Trustees and hand over the reins of management to the designated chief executive, Daniel Otth.

From 1 January 2008, the executive board will comprise Mr Otth Giovanni Peditto (deputy managing director), Dr Jürg Spiller, and Josef Zellweger.

Beat Wittmann, previously chief executive of Investment Products and Member of Clariden Leu's executive board, is to head up Julius Baer’s new investment centre, Johannes de Gier said after the release of the bank’s first half results.

Americas
Wachovia’s wealth management business has hired Jeff Hartman as its private banking director for the Carolinas/Virginia, Mid-South and Georgia Region.

Mr Hartman, a senior vice president at Wachovia, will be based in Charlotte, North Carolina and will report to Morrison Creech, managing executive of Private Banking.

Mr Hartman was previously a director of Wachovia’s Private Advisory Group.

Wachovia has also appointed Maria Juantorena Trafton, as private banking director for Florida.

Ms Trafton, a senior vice president, will be based in Jacksonville and report to Morrison Creech, managing executive of Private Banking.

Ms Trafton previously served as Wachovia Wealth Management director for the Georgia, Mid-South and Texas region. She also worked as a managing director in Philadelphia, where she led one of the largest and most productive teams in Wachovia Wealth Management.

Prior to joining Wachovia in 1993, she worked with Bankers Trust and Bank One.

Wachovia has hired Winston Wilkinson, a former employee who left the firm in 2006 to work with a rival bank, to head Wealth Management Private Banking for the western region.

Mr Wilkinson will be responsible for establishing and leading private banking teams in California and Arizona and reports to managing executive of Wealth Management Private Banking, Morrison Creech.

Mr Wilkinson was lured back to Wachovia after a short stint at Fifth Third Bank.

Wachovia Securities has retained all A.G. Edwards’ retail brokerage executives for the management team that will take over when Wachovia Group acquires the St. Louis-based brokerage in a $6.8 billion deal set to close in the fourth quarter.

The management team of 21 includes seven executives from A.G. Edwards. The move to retain all A.G. Edwards executives at the combined firm is seen as the key to retaining the majority of A.G. Edward's brokers, who number more than 6,600.

Danny Ludeman, president and chief executive of Wachovia Securities, will be president and chief executive officer of the combined firm. Robert Bagby, chairman and chief executive of A.G. Edwards, will become chairman when the two firms merge.

Under the new management team, Ronald Kessler, vice chairman of A.G. Edwards and director of operations, will keep his post.

Douglas Kelly, currently chief financial officer and director of law and compliance for A.G. Edwards, will become the chief operating officer for the combined company.

Gene Diederich, director of branches at A.G. Edwards, will co-direct the Private Client Group branch system at the combined firm with Terry Chase, Wachovia's Western region president for Private Client Group.

Robert Stolar has joined Morgan Stanley Private Wealth Management to head a newly formed Family Wealth Group to serve ultra-high net worth clients and family offices in the US.

He will lead the new group as managing director and will also serve as president of Morgan Stanley Trust.

Mr Stolar joins Morgan Stanley from US Trust where he led the firm’s Family Wealth Consulting Group and, subsequently, its Western Region Multi-Family Office Group.

The new unit, which will focus on families with net worth of $50 million and above, will report to Donald Herrema, managing director and head of Private Wealth Management, Americas.

Also joining from US Trust are Christine Guidera and Mary Davey. Ms Guidera has broad experience in family office operations and as a fiduciary officer. Prior to working for nine years at US Trust, she held positions at the Rockefeller Family Office, and the Chase Manhattan Private Bank.

UBS Wealth Management US has recruited Citigroup's Lorraine George Harik as a senior client advisor in its private bank. She will join as managing director and will report to Frank Minerva, managing director and head of the New York Private Wealth Management office.

The unit serves the firm’s ultra high net worth clients and, in her new role, she will work with private wealth advisors and private bankers.

Robert Mallernee and Jackson Parham have joined UBS Wealth Management US as managing directors.

The pair will be responsible for running the multi-family office within the private bank, serving family clients with assets in excess of $50 million.

Both will be based in North Carolina, reporting to Craig Walling, chief executive of the US private bank - and both join from the multi-family office group of US Trust.

Mr Mallernee was a principal and interim regional head of US Trust’s three offices in North Carolina. Mr Parham was a principal and chief investment officer.

Deutsche Bank Private Wealth Management has appointed Mark Pittsey to the Bank's Private Bank office in San Francisco as a managing director and office director reporting to Michael Davis, a managing director and head of the Western Region for the US Private Bank.

In his new position, Mr Pittsey is responsible for the oversight and expansion of the San Francisco Private Bank sales force and will work with ultra high net worth individuals and families.

Mr Pittsey joins the firm from Wells Fargo Private Client Services where he was most recently a senior vice president and regional manager for San Francisco and Marin County.

In addition, Susan Burnett has joined the bank as a managing director and private banker in its Los Angeles office, also reporting to Mr Davis. She was previously at Citigroup Private Bank where she was a managing director and relationship manager.

James Herlihy has joined as a managing director and private banker in San Francisco, reporting to Mr Pittsey. He was previously at Citigroup Private Bank where he was a managing director and senior private banker. Prior to that, he worked at Bank of America.

Jeff Saccacio will join PWM's Orange County office as a managing director and head of Wealth Planning for the Western US. He will report jointly to Mr Davis and Andrew Gallivan, a managing director and head of US PWM Trust. He too will join PWM from Citigroup Private Bank where he was a managing director and wealth strategist.

Maryann Robinson will join the bank as a managing director and private banker in New York and will report to Kyle Delaney, head of Eastern Region for the US Private Bank. She will be rejoining the firm from HSBC where she was a senior vice president in the Domestic Private Bank. Prior to HSBC she was a vice president and relationship manager at Deutsche Bank.

Colin Koester has joined PWM as a director and private banker in the New York office, reporting to Mr Delaney. He will join the firm from HSBC where he is a vice president and private banker.

US west coast wealth manager and private bank First Republic has hired Lauren Kramer as a senior relationship manager in its New York office.

Before joining First Republic, Ms Kramer spent 16 years at JPMorganChase & Co in New York, most recently as vice president, global private banking.

First Republic Bank has appointed Jackie De Anda senior trust officer of First Republic Trust Company.

Ms De Anda will work with high net worth individuals and families served by First Republic Trust Company.

Prior to joining First Republic in San Francisco, De Anda worked for Bank of America Private Bank in San Francisco, where she was Vice President, Senior Trust Officer. Prior to that, she worked for Wells Fargo Bank's Private Client Services.

First Republic Bank has appointed Michelle Watson as director of research of First Republic Wealth Advisors.

Ms Watson will help set asset allocation strategy, drive the selection of independent money managers, and provide expertise in selecting investment offerings for First Republic clients.

Prior to joining First Republic, Ms Watson worked for US Trust in New York City and Seattle, and CTC Consulting in Tacoma, Washington. Prior to that, she was financial consultant and portfolio manager at Salomon Smith Barney.

The Bank of New York Mellon Corporation appointed former Wells Fargo senior vice president Tracy Nickl to head the firm’s Southern California network which comprises offices in Los Angeles, Glendale, Century City and Newport Beach.

Charles Leitzell has joined Citi Private Bank in San Francisco as director and private banker.

Mr Leitzell was a vice president at JP Morgan Securities in San Francisco.

Also joining Citi in San Francisco is Bill Butler, who has been appointed vice president and private banker. He joins from Mellon Private Wealth Management.

Vishal Wadhwa joins Citi as a vice president and private banker. He was previously with Wells Fargo Private Bank in Palo Alto.

Boston Private has appointed David Kaye as chief financial officer, responsible for overseeing all financial functions for the company and its fourteen wealth management affiliates.

Mr Kaye will join Boston Private on 30 July 2007 from Columbia Management, Bank of America’s asset management organisation where he was a senior vice president and chief financial officer. Prior to that position, Mr Kaye was the CFO of Bank of America’s Private Bank.

Previously, Mr Kaye was the vice president and controller for Goldman Sachs Asset Management, heading a team that performed all financial reporting functions for the division.

Bank of America has announced a raft of appointments within the combined US Trust, Bank of America Private Wealth Management organisation.

The Investments team, reporting to chief investment officer Leo Grohowski is to be made up of: Chris Hyzy in Global Investment Strategy, Solutions & Analytics; Durraj Tase in Capital Markets & Brokerage Advisory.

Divisional Investment Management executives have been named as:Tom Fay, New England; Jay Springer, Middle Atlantic; Rick Pomeroy, Southeast; Hinton Crawford, Central; Bob Pitti, West.

The Specialised Solutions Group, reporting to Henry Fischel-Bock will include: Chris Zander in the Multi Family Office; Garb Mechigian of CTC Consulting; Kim Sloat, Executive Advisory Services; Peter White, Family Advisory and Senior Investment Executive, Lex Zaharoff.

The Wealth Structuring team, reporting to Lynn Davis will be: Ralph Borrello in Trust & Estate; Smith Freeman in the Office of Chief Fiduciary; Nina Charnley, Specialized Wealth Structuring Services; Gillian Howell in Private Philanthropy and Kim Garcia in Wealth Planning Solutions.

The Credit & Banking Delivery team, reporting to Bob Lynch will include custom credit managers: Bill Lordi, Middle Atlantic; Richard Marks, Northeast; Randy Hess, Central, Southeast & West, along with Jan Reuter in Mortgages and Charlie Burrows in Deposits.

New York law firm Sullivan & Cromwell has seen the departure of private client partner Henry Christensen, who is leaving after 37 years to join Chicago-based McDermott Will & Emery.

Mr Christensen, who is to join the leader as a partner on 1 August, will head the firm’s New York and international private client group. He focuses his practice on international estate planning.

Howard Margolis has joined The PrivateBank in Bloomfield Hills Michigan, as managing director and director of wealth management.

Mr Margolis was previously a managing director and a national sales director at JPMorgan Private Client Services, where he was responsible for managing a team of wealth management professionals across a 31 state region.

Europe
Barclays Global Investors has appointed Andrea Morresi as managing director and head of Sales for iShares Europe, a newly created role which reflects the rapid growth in the iShares market across Europe. He joins from JP Morgan, where he was most recently managing director, head of Equity Derivatives Investor Sales, EMEA.

Mr Moressi will report to Jennifer Grancio, head of Distribution for iShares in Europe.

Baring Asset Management director of UK sales, Ian Furtado, has resigned. Mr Furtado, who reported to head of UK sales Jerry Devlin, had been with Barings for 23 years in various roles.

He is understood to be joining emerging market specialist BDT Investment Management.

Marino Valensise, currently head of Barings' Fixed Income and Currency team, will take over as chief investment officer of Baring Asset Management when incumbent Michael Hughes retires at the end of 2007.

Weberbank, the private banking subsidiary of German banking group WestLB, has appointed Harald Christ as its management board chairman.

Mr Christ, who is currently management board chairman of the German financial group HCI Capital, will take up his new post on 1 October, according to Weberbank.

Guido Mundt, currently head of Weberbank, is to move to parent group WestLB, where he has been appointed to the new position of chief executive officer for the Asia-Pacific region. He will be based in Singapore.

Financial Objects, the UK technology provider for banking, wealth management and energy, has promoted Gary Linieres to head up its Wealth Management division, which now accounts for 12 per cent of turnover.

Mr Linieres will be responsible for developing the wealth management product offering and extending the business into new geographies. He was previously sales director for the wealth management and retail banking suite of products, having joined Financial Objects in 2005 to lead its investment services business.

Daniel Thielemans has been appointed chief executive officer of Fortis Bank UK. He replaces Angus MacLennan who was recently made global chief executive officer of Corporate, Institutional and Public Banking.

Gérard de Bartillat, chairman of the board of HSBC Private Bank France, has left to join French bank Oddo Banque Privée. Mr de Bartillat, who was also a member of the executive committee of HSBC Private Bank, will be head of the Paris-based bank’s private banking business.

Merrill Lynch’s Global Private Client has appointed five financial advisors and one wealth structuring specialist in Italy.

Matteo Tarroni, Domenico Alonzi, Gabriele Capasso, Fabrizio Savoia, Enrico Vergani and Giorgio Rigotti, who will run the new wealth structuring department, will report to Massimo Fortuzzi, market leader for Italy at Merrill Lynch GPC.

Mr Tarroni joins the team from the Investment Banking division at Merrill Lynch where he specialised in an advisory and relationship role for corporate borrowers.

Mr Vergani joins the group as a financial advisor from ArnerBank’s private banking division in Italy and Mr Alonzi from the private banking division at BNL.

Mr Capasso joins from Credit Suisse, where he was a senior private banker, and Mr Savoia from Guardia di Finanza where he held positions including head of the tax department.

Geneva-based private bank Pictet & Cie has appointed Jörn Struve and Dr Michael Lepach as joint heads of its private banking operations in Germany as of 1 September 2007. Both will be based in Frankfurt.

Mr Struve joins from Munich-based private bank Hauck & Aufhaeuser, where he was acting partner and head of the private banking operations.

Dr Lepach joins from Wilhelm von Finck, a private banking subsidiary of Deutsche Bank, where he was on the executive committee.

Pictet has also appointed Dr Andreas Mueller, a senior private banker and tax expert who joins from Deutsche Bank’s wealth management unit.

Unicredito Italiano has reorganised its business lines through the appointments of Sergio Ermotti, Paolo Fiorentino, and Roberto Nicastro as deputy chief executives.

All three will report directly to the bank’s chief executive officer Alessandro Profumo and will focus on the implementation of the divisional model across the different geographies and in executing the group's strategy across the different business lines.

Mr Ermotti will have responsibility for the Markets & Investment Banking, Corporate Banking, and Private Banking divisions. Vittorio Ogliengo will continue to head up Corporate Banking. The Private Banking Division will continue to be run by Dario Frigerio.

Paris-based Crédit Agricole has appointed Jérôme Brunel as its new head of Private Banking and Yves Perrier as head of the Asset Management business as part of the group's new organisation and management structure.

Both will report to Gilles de Margerie, formerly chief financial officer, who becomes head of Insurance, Asset Management and Private Banking. Mr Brunel also remains as head of Private Equity.

The management changes, which become effective as of 1 October, are the result of the "new philosophy adopted by the group, which has demonstrated its ability to adapt to new market conditions," the Crédit Agricole chief executive, Georges Pauget, said in a statement.

Mr de Leusse has also become a member of the executive committee of Calyon, Crédit Agricole's corporate and investment banking entity.

Marc Litzler is appointed as chief executive of Calyon replacing Édouard Esparbès. Jérôme Grivet is named as the unit's new deputy chief executive.

Morgan Stanley has hired Ausaf Abbas, formerly head of Merrill Lynch Global Private Client EMEA and India, as head of sales and marketing in Europe.

Mr Abbas will report to London-based Alexander Classen, EMEA head of wealth management at Morgan Stanley.

Mr Abbas left Merrill at the end of last year following the promotion of Eva Castillo to the role of head of Private Client EMEA.

Morgan Stanley has also appointed Graham Keniston-Cooper to lead its private equity business in Europe.

Mr Keniston-Cooper was most recently at Lazard European Private Equity Partners; before that he was a partner and director of Cinven.

Carnegie, an independent investment bank with Nordic focus, has lost its group head of private banking and asset management and announced it would combine the two roles, appointing Per Axman, group head of Asset Management and Private Banking.

According to Carnegie, appointing a general manager for the two business areas would create greater opportunities for business coordination.

Mr Axman will assume his position on 13 August 2007, replacing Lars Bjerrek of the Private Bank, and Niklas Ekvall, the head of Asset Management.

Mr Axman will also join Carnegie’s management team.

Carnegie provides securities brokering, asset management, and private banking services.

F&C Asset Management has hired Erik Orving from Goldman Sachs Asset Management to head its Nordic operations as part of a three-year recovery programme that includes expanding F& C's continental European business.

Mr Orving most recently covered institutional and third party sales across the Nordic region for Goldman Sachs Asset Management.

He will join F&C in September 2007, with the plan of opening a Stockholm office before the end of the year.

Asia
Kurt Schenk, the former head at Dresdner Private Bank in Singapore, has joined EFG as managing director in the Lion City.

Mr Schenk brings with him a team of five from Dresdner. They are Sebastian Koh and Chris Lim, who are both client facing, and three assistants.

Mr Schenk left Dresdner back in April and started his new position at EFG this week.

BNP Paribas Private Bank, Asia has appointed Eugene Yang as managing director and head of its Premium Group, South Asia, a newly-established unit offering ultra high net worth individuals and families a holistic solution to wealth management.

The bank has created a dedicated team of 8-10 people to offer investment banking services to this ultra-rich group in Singapore and India, following the success of a bundle approach which started four years ago in Hong Kong and later Europe.

Mr Yang joined BNP Paribas on 20 June 2007 and reports directly to Mr Longhini.

He joins from Credit Suisse and will be based in Singapore.

Barclays Wealth has appointed Satya Narayan Bansal to build its onshore wealth management business in India.

Mr Bansal joins from ICICI where, most recently, he was responsible for ICICI’s private banking business in South East Asia based in Singapore.

Deutsche Bank has appointed Chew Soon Gek as chief investment officer of its private wealth management unit in Asia. Ms Chew is responsible for managing client portfolios across Asia.

She joins Deutsche Bank from ING Private Bank, where she was chief investment officer of ING's Asian private banking division. She has also held senior roles at DBS Asset Management and the Government of Singapore Investment Corp.

Michael Leung has also left UBS in New York to join Deutsche's Singapore office as director and head of asset backed securities trading in Asia, except Japan.

Glenn Wilson has joined the Wellington office of First NZ Capital as an investment advisor: he was previously head of ANZ Private Bank's Wellington office, which he helped establish in 1998.

Anton van der Wilt has also joined as an investment advisor. Previously he spent 14 years with local wealth manager Spicers where he was a senior advisor and six years in the equity and debt markets with Smith NewCourt and Merrill Lynch in London.
Credit Suisse has appointed Nicholas Kalikajaros as managing director and head of Private Banking Australia based in Sydney. The appointment is effective from 10 October 2007.

Mr Kalikajaros joins Credit Suisse from Merrill Lynch where he was head of Global Private Client Australia and New Zealand.
Prior to that, Mr Kalikajaros was the general manager at St George Private Bank and co-head of UBS Private Clients Australia (formerly Potter Warburg Securities). He also held senior roles in Commonwealth Bank of Australia.

Mr Kalikajaros will report to François Monnet, Head of Private Banking Southeast Asia and Australasia. On a country level, Mr Kalikajaros will report to David Trude, Sydney Branch Manager and country head Australia.

Rene Pyszko has joined Credit Suisse in Sydney as a vice president and Investment Specialist Managed Funds\Equities. Mr Pyszko joined from Citi Smith Barney where he was vice president for Product Research.

David McDonald is joining Credit Suisse as a vice president and research analyst based in Sydney, effective from July 23. Prior to Credit Suisse, Mr McDonald was a Senior Research Analyst at Allianz Global Investors.

ABN Amro Asset Management's Lennie Lim is moving on from the bank to take a position as head of Asian distribution for Legg Mason Investment Management.

Singapore-based Mr Lim will be responsible for Legg Mason's third-party sales in Hong Kong, Taiwan and Singapore, reporting to international distribution chief Terence Johnson in London.

At ABN Amro, Mr Lim was the Singapore chief executive officer responsible for business development with private and institutional clients.

Mr Lim's is the second move from ABN Amro to Legg Mason, following the departure of institutional sales executive Bo Kratz last year.

Standard Chartered has recruited Australian cricket legend Greg Chappell to work as a consultant to its private banking operation based in Singapore.

Mr Chappell, the former Australian cricket captain who most recently coached India, will re-locate to Singapore and work to spread Standard Chartered's message among high net worth Indians throughout Asia.

The Hong Kong office of Swiss wealth manager Julius Baer has appointed Katy Pi Chin Tang as managing director senior advisor, team head, responsible for growing the client base in the Greater China market.

She joins from ING Private Banking where she was a relationship manager for the past four years.

Prior to this, she worked in the private banking division of HSBC in Singapore.

Bank Julius Baer has also appointed Jonathan Chai as chief financial officer and member of the management committee in Singapore, a new position, with immediate effect.

Before joining Bank Julius Baer, he was Regional chief financial officer at ING Asia Private Bank and was involved in integrating both BBL and ING private banks and developed its business in the region over the past seven years.

Middle East
Andrea Moneta, a member of the executive committee of UniCredit, has left to become managing director and chief financial officer of Dubai Financial Group.

Mr Moneta joined UniCredit as chief financial officer in 2000 before leading the private banking and asset management and central and eastern Europe divisions.

He also served as chairman, deputy chairman or chief executive of several major subsidiaries of the group, including Pioneer Global Asset Management and UniCredit Private Banking.

SG Asset Management has appointed Dominique Diep as chief executive officer of SGAM Bahrain. He will be responsible for distribution, corporates and family offices, and for developing relations with financial institutions.

Mr Diep joined SGAM in 2006 to establish the groups’ presence in the Middle East. Previously he managed the sales team at the private banking arm of Banque Indosuez, having begun his career as an auditor with Banque Paribas.

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