People Moves

Executive Moves May 2007

Stephen Harris 4 June 2007

Executive Moves May 2007

Credit Suisse has appointed Andrew Steel chief executive officer at J O Hambro Investment Management, with immediate effect.

Mr Steel will report to Maya Salzmann, head of UK/International/Eastern Europe for Credit Suisse’s private banking business and chairperson of JOHIM. He has been chief operating officer at the UK-based investment manager since 2004. Previously, he was finance director at the company, after having joined as financial controller in 1994.

Mr Steel takes over from Anthony Balniel, who has been chief executive at JOHIM since 2004. Mr Balniel, one of the three co-founders of JOHIM, will remain on the executive board.

HSBC Private Bank’s Mike Mount is joining its Global South Asian Diaspora unit as managing director, Europe & Americas.

In his new role he will deputise for, and report to Raj Parmar who is global head of GSAD.

Mr Mount has recently been responsible for building the marketing and communications and business development team at HSBC Private Bank, reporting to Declan Sheehan. Prior to this he ran the international business in London.

He will maintain on the board of HSBC Private Bank (UK), representing GSAD, and will continue to be based in London.

UK wealth management group St James's Place has announced the appointment of David Bellamy, managing director for the last five years, as its new chief executive, with immediate effect.

He took over the day-to-day running of the group after the departure of the previous incumbent, Mark Lund, in January 2007. Mr Bellamy has been with SJP since its inception 15 years ago and was appointed to the board in September 1997 with the role of group operations director.

Julian Bailey, Spiros Michael and Anthony Marsh have joined Barclays Wealth as high net worth advisors in London.

The trio had recently resigned from UBS in London. All three will report to Edward Chadwyck-Healey, Managing Director, UK Private Banking.

Canadian-based Manulife Financial Global Investment Management has appointed David Hussey as head of Pan-European Equities.

Mr Hussey joins MFC Global from Barclays Wealth where he had been head of Portfolio Management, responsible for managing £6 billion in European, UK and global equities, and managed a team of portfolio managers and investment analysts.

Rathbone Investment Management has appointed David Coombs as an investment director to reinforce its absolute return and optimised risk funds together with multi-asset portfolios for private clients.

He joins from Baring Asset Management where he was head of multi-manager investments and the manager of the Baring range of multi-manager funds.

UBS has recruited an investment management team of three from HSBC. Based in UBS’s London offices in Curzon Street the latest recruits will primarily offer discretionary portfolio management for UBS’s private clients, as part of the firm’s range of wealth management solutions.

The team are part of the UK domestic business headed by Emmanuel Fievet.

The team includes James Horniman who joins UBS as an investment director and team head. He joined HSBC Investments in 2002 and spent five years managing UK portfolios for high net worth clients.

Philip Young also joins UBS as an investment director having begun his career at Kleinwort Benson and has spent the last ten years working at Deutsche Asset Management and HSBC Investments.

Citigroup Quilter has appointed Graham Steer as regional sales manager covering the Thames Valley area. This appointment brings the number of Citigroup Quilter sales managers, working solely on developing business relationships with IFAs, to nine.

Mr Steer joins from Prudential where he was responsible for international/private bank sales.

Barclays Wealth’s Investment and Product Office has hired Mads Pedersen from Danske Capital where he had been chief investment strategist and head of Asset Allocation.

In his new role, Mr Pedersen will report to Barclays Wealth’s recently appointed managing director and head of Research, Michael Dicks.

Credit Suisse has appointed Justin Jordan as a director and portfolio manager to its UK equity team.

Mr Jordan joins in July from Close Investments where he has been managing the £5.5 million Close Special Situations Fund since its launch in May 2006.

He will report to Crispin Finn, co-head of UK Equities, and will take on Mr Finn’s current responsibilities for managing institutional small cap mandates allowing Crispin to concentrate on managing mid and large cap mandates.

Newton Investment Management has appointed Carol Clark as a fund manager in its private investment management division.

Ms Clark was previously at Aegon Asset Management UK, where she focused on overseas equity markets.

Davydd Wynne and David King are to join the international wealth management team of Cazenove Capital.

Mr Wynne joins from Rothschild. Mr King previously worked in the private client department at Merrill Lynch.

Private client law firm Withers LLP has recruited John Greenwood from Appleby Hunter Bailhache in the British Virgin Islands. He will join the Withers funds, investment, tax and trust practice as a funds partner.

At London private client specialist law firm Macfarlanes Robert Sutton and Paul Phippen will step down as senior partner and managing partner respectively on 1 May 2008, after nine years in these roles, but will remain with the firm.

They will be succeeded by Charles Martin (senior partner) and Simon Martin (managing partner).

Sand Aire, the London-based multi-family office, has appointed Simon Paul as a director of wealth management. He will report to chairman Alexander Scott.

Mr Paul joins from HSBC Private Bank where he was head of the onshore ultra high net worth team.

He has spent over 20 years advising families on all aspects of the management of their wealth, having worked at Kleinwort Benson, Barclays Private Bank and Schroders.

Following that of Paul Reynolds in February 2007, this appointment brings the number of directors of wealth management to three.

Royal Bank of Canada has appointed Pamela Woodburn as director in its global wealth management team. She will be based in London and report to Mark Evans, head of Private Banking, British Isles.

Ms Woodburn joins the global wealth management team from RBC’s San Francisco office where for five years she led the expansion of the international sales team on the West Coast, US. She joined RBC Financial Group in 1992.

Sarasin Chiswell has announced that six professionals are due to join its international private client investment activities in London.

Andrew Stewart, Mark Fairbanks Smith, Sam Jeffries, Nicholas Evans, David Vickers and Tina Plank will be joining Sarasin Chiswell this summer from Baring Asset Management.

The team, which reported to John Maitland, head of private clients and charities at BAM, is believed to look after around £1 billion of client assets.

Citi Private Bank in London has hired three private bankers for its UK onshore business.

Alistair Thorpe-Beeston and Luke Dugdale join from UBS. Mr Dugdale joined UBS in 2003 and was, along with Mr Thorpe-Beeston, in the Key Client Group looking after ultra high net worth clients.

Mr Dugdale had joined UBS from an investment banking background at Handlesbanken where he was deputy head of equities.

Louise Guy joins Citi from Coutts. Ms Guy had joined Coutts on their graduate programme in 1992 and was a private banker in their Executive Client Group.

Michael Owen has joined Brooks Macdonald Financial Consulting as Financial Planning Director.

Mr Owen had been a director at Douglas Deakin Young where he specialised in occupational and personal pensions, as well as advising on general financial planning. Prior to DDY, Michael spent three years in retail banking with National Westminster Bank.

Anglo-Dutch banking group Insinger de Beaufort has hired ex-All Blacks captain Sean Fitzpatrick.

Mr Fitzpatrick will be working closely with Insinger de Beaufort’s international private banking division on enhancing existing relationships with clients and building new relationships with prospective clients through his network of sport and business contacts.

Barclays Wealth has hired Douglas Noble to help build its private banking business in Scotland.

Mr Noble, a former head of private banking at HBOS, was behind the Bank of Scotland’s first private banking operation in the UK. He is leaving Adam and Company, where he has spent the last two years launching and running the Aberdeen office, to join the Edinburgh arm of Barclays Wealth in mid July.

David Scott, founding partner of Scott Goodman Harris, which was bought by UBS for an undisclosed sum three years ago, has left the Swiss bank.

Scott Goodman Harris was one of the UK’s leading IFAs, specialising in high net worth individuals.

Unconfirmed reports suggest that Mr Scott may be setting up a new independent wealth management company.

London-based senior non-resident Indian client advisor Nasim Ahmad has retired from UBS.

Mr Ahmad has joined Deutsche Wealth Management and will be based in the UAE. He will concentrate on Pakistani clients and will report to Swiss-based Don Ventura, head of Private Wealth Management South Asia region.

UK investment manager Citigroup Quilter has hired Jonathan Bender as a vice president in its Jersey office; he joins in July as part of the firm’s drive to create new business opportunities both in the Channel Islands and in other jurisdictions. It currently has nine branches in the UK, Channel Islands and Ireland run from the London HQ.

Lloyds TSB International Private Banking has appointed Tim Bower as head of the front office worldwide.

Mr Bower will be responsible for driving International Private Banking’s business growth and co-ordinating its implementation across the globe.

Mr Bower joined Lloyds TSB, from Unilever, in 2001 and has held a number of roles across the group. His last role was as international banking director, Lloyds TSB Latin American banking.

Mr Bower will be based in Geneva and will report to Mr Adams.

Juan Hernadez de Lorenzo has resigned from Lloyds TSB International Private Banking.

Mr Lorenzo was director, Americas, Iberia and High Net Worth. He has been with the bank for the last fifteen years and was based in Geneva. It is understood that he has decided to return to his native city of Barcelona.

A replacement has been nominated and it is expected to move from London in the near future. An announcement is expected shortly.

Patrick Odier is to be new managing partner of Geneva-base private bank Lombard Odier Darier Hentsch, at the end of next year.

Pierre Darier and Thierry Lombard, current managing partners, will step down when Mr Odier takes over, but will remain associated with the bank.
Basel-based private bank, Bank Sarasin, has seen the defection of several private bankers from its Geneva operations.

Richard Foden, Thierry Racine and Christian Graber left Sarasin last month.

Ex-Credit Suisse Greece regional manager, Kristinn Kristinsson, was appointed head of Private Banking Geneva at the beginning of March this year.

AIG Private Bank has appointed financial and stock market expert Antoinette Hunziker-Ebneter and business consultant Paola Ghillani to its board of directors.

The pair replace Andreas Donatsch and Mauro Gabriele who have resigned from the board. The board will also be strengthened by the appointment of Hans Danielsson, senior managing director at AIG Global Investment Group.

Ms Hunziker-Ebneter is a co-founder of asset management company Forma Futura Invest and a member of the boards of directors of BKW FMB Energie and the Sustainable Performance Group.

Hans Vögeli is to step down as chief executive of Zurich Kantonal Bank after intense criticism that the bank had helped corporate raiders to build covert stakes in Sulzer, the Swiss engineering group.

His departure follows that of the bank’s head of investment and private banking, Hans Fischer. It is believed Mr Fischer’s team bought up a stake in Sulzer, without the knowledge of superiors.

Morgan Stanley Global Wealth Management Group has appointed Rick Capozzi as a managing director and national sales manager in the US.

Mr Capozzi, will join the group in late July and will report to Ray Harris, vice chairman and head of national sales.

He joins Morgan Stanley from Merrill Lynch, where he served since 2004 as managing director and head of business development.

The Private Bank of California has announced some new executive appointments as it seeks to continue its growth path.

Connie Wong joins the bank as vice president and operations manager, while Farah Gilkar has been been promoted internally to assistant vice president and relationship manager.

Deborah McWhinney, president of Schwab Institutional, has resigned effective immediately – she served as head of the business since joining Schwab in 2001.

Former chief operating officer of Schwab Institutional, Charles Goldman, assumed the role as president.

Meanwhile Ben Brigeman took over as president of Schwab Investor Services, Schwab’s retail brokerage division, filling a role vacated by Walter Bettinger when he became president of The Charles Schwab Corp earlier this year.

UBS Global Asset Management’s Alternative and Quantitative Investments has appointed Stamford-based Rick Nardis as deputy chief investment officer to its multi-manager platform, Alternative Investment Solutions.

UBS also announced the addition of Euripides (Rip) Matos to the multi manager team as senior investment officer.

The top US Trust executive, Frances Aldrich Sevilla-Sacasa, will lead the biggest private bank in the US at Bank of America following the integration of the two businesses, expected to be completed in the third quarter this year.

Bank of America today announced the new executive team to lead its new look private bank which will not include BoA’s current private banking chief, Jane Magpiong, who announced she would leave the company to pursue other opportunities.

The appointment of Ms Sevilla-Sacasa and the departure of Ms Magpiong followed the news last month that US Trust's former chief executive, Peter Scaturro, who had been expected to lead the combined business following the integration, would step down for reasons undisclosed.

The bank said the business will serve clients with more than $3 million in investable assets with offices nationwide.

The company announced five regional directors across the country to report to Ms Sevilla-Sacasa including Tim Maloney, current head of Bank of America's retail brokerage, to director of the Central Region based in Chicago; Alan Rappaport, current president of Family Wealth Advisors at Bank of America, to director of the Greater Tri-State area based in New York City; Eric Hayes, current leader of the Northeast Region for US Trust, to director of the Northeast based in Boston; Doug DiVirgilio, current Southeast regional president for the Private Bank of Bank of America, to director of the Southeast region based in Florida; and Tracey Warson, current US Trust West region head, to director of that region based in San Francisco.

The company also announced US Trust current head of alternative investments David Bailin to lead a new alternative investments unit that deals with hedge funds, private equity, real estate and exchange funds investing.

Mr Bailin and Ms Sevilla-Sacasa will report to Bank of America’s Global Wealth & Investment Management head, Brian Moynihan.

HSBC’s Wealth and Tax Advisory Services has appointed George Lyons as a managing director in the New York office.

In this new role, Mr Lyons will help build the overall tax practice in New Jersey and play a key role in expanding the corporate tax area in Metro New York at HSBC’s WTAS, an independent provider of tax, valuation, financial advisory and related consulting services.

Mr Lyons joins from True Partners. Prior to that, he was a partner at Andersen and KPMG.

Morgan Stanley has appointed Todd Locicero as regional manager of its Private Wealth Management office in Los Angeles. From 15 May 2007 he will report to James Mahon, head of PWM’s central and western region.

Most recently, Mr Locicero was an executive director in Morgan Stanley’s Global Wealth Management group, responsible for managing the Wealth Advisor and Practice Management groups, a position he has held since 2004.

US provider Key Private Bank is expanding in the state of Idaho, hiring a senior Wells Fargo executive to head its office in the capital of Boise.

Mary Monrie is KeyBank's new senior vice president and Private Bank sales manager for the private bank in Idaho, which was previously taken care of by an executive in a general role across the bank.

Also in Idaho, Key Private Bank hired Eric Sholberg as vice president of investment management services. A certified public accountant, he previously worked at Boise Cascade, in his own investment advisory practice, and for Deloitte & Touche.

Chicago-based Tom Madsen, global head of equities at UBS Global Asset Management, has stepped aside from managing money to take up a business development. Mr Madsen had run the global equities team since 2000.

In his new role, Mr Madsen will oversee the development of the Swiss bank’s growth equities business in New York and the start-up of a new quantitative funds business in the US.
His deputy, John Leonard, will take over as global head of core equities.

Alan Bowser, managing director, Latin America Client Solutions, at Citigroup Private Bank, is rumored to have left the business to join rival UBS based in New York.

First Western Trust Bank, a financial services firm catering to high net worth individuals and families in the United States’ west, appointed former Charles Schwab private client consultant, William Snider, to senior vice president of the firm’s private banking business.

First Western Trust provides an integrated wealth management offering in three locations in downtown Denver, Cherry Creek and Fort Collins and currently manages around $1 billion.

Bank of America has promoted Walter Muller to chief investment officer, replacing Ian Banwell, who has left to launch an alternative investments firm, Round Table Investment Management.

Northern Trust has appointed R. Hugh Magill as US national director of Trust Services and chief fiduciary officer for Northern Trust Personal Financial Services, a new position.

Mr Magill was named a Northern Trust executive vice president in 2006.

Mr Magill will lead the strategic direction of the company’s fiduciary business, which includes trust and estate administration, guardianship and philanthropic services.

Merrill Lynch has appointed four financial advisors to its Global Private Client group to cover the Nordic region.

Based in Luxembourg, Antti Sulkakoski, Daniel Källberg, Jan Olsen and Peter Green Lauridsen will all report to Steen Foldberg, director of Luxembourg, Nordic & Scandinavian markets, and will have a particular focus on Finland, Sweden and Denmark.

Antti Sulkakoski joins from Nordea, the financial services group based in the Nordic and Baltic region, where he was an associate director and worked for the past twenty years in positions including insurance, portfolio management, fund management and private banking. Mr Sulkakoski will be responsible for growing the Global Private Client offering to high net worth Finnish clients.

Daniel Källberg has nine years experience in the Swedish banking sector, primarily looking after private clients. Before joining Merrill Lynch GPC, he was a fund manager within the private banking division at EFG Investment Bank in Stockholm. Mr Källberg will work in GPC’s existing Swedish team in Luxembourg.

Jan Olsen and Peter Green Lauridsen join from Danske Bank, Luxembourg. They will have particular responsibility for building GPC’s business amongst Danish high net worth individuals.

Merrill Lynch has also appointed Gary Dugan as chief investment officer of its Global Private Client group in Europe, Middle East and Africa.

At the beginning of August, Mr Dugan joins from Barclays Wealth where he was Managing Director and Head of Research and Investment Strategy.

Previously, he was global equity strategist and head of the Global Balanced Department at JP Morgan Fleming Investment Management.

In the newly-created role of chief investment officer, Mr Dugan will provide investment leadership to both the discretionary and advisory businesses, further enhancing its service offering to a growing client base across the region.

Based in London, he will report to Eva Castillo, Head of GPC EMEA and Michael O'Keeffe, Head of GPC Investment Management & Guidance.

Additionally, Merrill Lynch has appointed Jean-Marie Deluermoz to the newly-created position of director of Emerging European Markets for its Global Private Client group.

Previously, Mr Deluermoz spent five years with Credit Suisse Private Banking in Russia. He was director of the Moscow and St Petersburg private client offices, responsible for developing Credit Suisse’s expansion strategy in the Commonwealth of Independent States.

Before joining Credit Suisse, Mr Deluermoz worked at Reuters for ten years at senior management level across offices in Geneva, Russia and Vietnam.

Based in London, Mr Deluermoz will report to Gilles Dard, Market Leader for Northern Europe, GPC.

Merrill Lynch Global Private Client has also appointed Tim Bailey to the new role of director of Intermediary Business Development, UK and Europe.

The creation of the role highlights the increasingly cross-border nature of GPC’s business, according to a statement.

Mr Bailey joined Merrill Lynch Portfolio Managers in February 2007 from Cazenove Capital where he was a director specialising in providing discretionary investment services to international private clients.

Previously he worked at Schroders and Credit Suisse.

Reporting to Nick Tucker, market leader GPC, UK and Ireland and Andrew Clark, head of Merrill Lynch Portfolio Managers, Mr Bailey will be responsible for co-ordinating and driving GPC’s business development initiatives with the leading domestic and international intermediary firms.

Middle East
JP Morgan has recruited Mohammad Al Tuwaijri from HSBC as a managing director and senior country officer for Saudi Arabia.

He will be responsible, at JP Morgan, for building client relationships, setting the strategic direction and providing leadership across the firm's lines of business in Saudi Arabia.

Mr Al Tuwaijri joins the bank after 12 years at SABB-HSBC, an associated company of the HSBC Group in Saudi Arabia. He was group treasurer and a board member of HSBC Investment Bank.

Morgan Stanley appointed Manoj Prasad as executive director for its non-resident Indian and non-resident Pakistani high net worth business in the Gulf Region.

Mr Prasad will be based in Dubai and will report to Alex Classen, head of wealth management at Morgan Stanley.

Mr Prasad was previously at Barclays Wealth where he was a director and market leader for the South Asia Business, based in Dubai.

Mr Prasad will build a team to service NRI and NRP clients in the Gulf region and sub continent at Morgan Stanley.

Merrill Lynch has appointed Jonty Crosse as its resident director in the Middle East of its global private client group.

Mr Crosse, who has been based in Bahrain for 35 years, joined Merrill Lynch in 1988 as a financial advisor. During his time with Merrill Lynch he has been instrumental in developing relationships throughout the region.

In his new role as resident director, he will work closely with the team of Merrill Lynch financial advisors to further build the global private client business in the Middle East.

He will report directly to Eva Castillo, head of global private client EMEA.

Hassan El Nahas has been appointed as head of private banking for Dutch bank ABN Amro in the United Arab Emirates. In his new role, he will be responsible, the bank says, for maintaining the fast pace of growth for the private bank’s business in the UAE, which has doubled its assets under management in two years to $3 billion.

Mr El Nahas joined ABN Amro in 1996 and was most recently leading its multinational clients division, overseeing inbound corporate business into Singapore. He will now report to the head of ABN Amro private banking for Asia Barend Janssens and the country executive for the UAE, Colin Macdonald.

Mr El Nahas replaces Gilles Rollet who has joined a Swiss wealth manager focusing on family office business, based in the Dubai International Financial Centre.

Sarasin Rabo Investment Management has appointed Enid Yip as vice chairman, Asia effective 6 June 2007.

In this newly created position, she will provide strategic advice, particularly with regard to client coverage, to Kenneth Sit, chief executive officer, Sarasin Rabo (Asia).

According to a statement, Enid Yip, based in Hong Kong, will play a dynamic role in this key growth market for Sarasin Rabo, and as a mentor for staff in the region.

Most recently Hong Kong branch manager at Credit Suisse, she has more than 18 years of private banking experience. At Credit Suisse, she helped grow what was a representative office of 35 staff to a branch of 250.

In response, Credit Suisse has announced new management appointments in the private banking division for Asia Pacific.

Dr François Monnet is joining as a managing director and head of Private Banking Southeast Asia and Australasia, effective 1 September.

Based in Singapore, Dr Monnet will focus on further building up Credit Suisse's established franchise across Southeast Asia, and growing the bank's domestic presence in its regional hub Singapore as well as its newly set up operations in Australia and Indonesia.

Dr Monnet joins Credit Suisse from UBS where he headed the offshore private client business segment in Asia Pacific, with an additional focus on the Singapore domestic market.

Stefan Mueller is appointed head of Sales Management Asia Pacific effective 1 September, and will be in charge of establishing and implementing an effective product and investment solutions process for relationship managers and all product areas in the bank as well as third party providers.

Mr Mueller joins from UBS Wealth Management in Singapore where he was executive director and head of Investment Solutions Asia - Non Traditional Asset Classes, having worked with the bank for 10 years in Switzerland, Hong Kong and Singapore.

Christian Senn is appointed head of Investment Consulting effective 1 August. In his new role based in Singapore, Mr Senn will be heading a team of investment consultants specially dedicated to the ultra high net worth client segment.

He was previously head of Active Advisory for UBS Wealth Management in Singapore.

In Hong Kong, Mr Lionel Kwok has joined Credit Suisse as Head of Products for Private Banking North Asia.

In this role, Mr Kwok oversees the products and Investment Consulting teams and provides a strong product infrastructure that enables relationship managers to offer comprehensive and integrated financial solutions for clients' private and corporate assets.

Previously the head of Global Markets Asia at Fortis Bank, Mr Kwok has more than 20 years experience in the investment banking and investment industry in New York, London and Hong Kong.

Philippe Clémençon has also been appointed chief operating officer for Private Banking in Asia Pacific, relocating from Credit Suisse in Zurich to Singapore.

In addition to his position as COO, Mr Clémençon will also play a central role in the development, coordination and execution of the Private Banking Asia Pacific business strategy. Mr Clémençon was previously Global Head of Business Controlling for Credit Suisse’s Private Banking division.

ABN Amro has a new head for its Indonesian private banking operation with the appointment of Edwind Satyabrata.

The appointment comes as ABN Amro already with $17 billion in assets under management in its Asian private bank, moves to expand its business in the region, according to a statement from the Dutch bank, the subject of an intense bidding war between Barclays and a consortium led by RBS.

Dresdner Private Bank has confirmed to WealthBriefing the promotion of David Tan as the new chief representative for its private banking operations in Singapore.

Mr Tan has been with the bank for just over a year and was previously at local bank, UOB.

The promotion follows the recent departure from Dresdner of a team headed by Kurt Schenk.

Along with Mr Schenk, Sebastian Tan left at the end of April and Chris Lim resigned within the last two weeks.

National Australia Bank has shuffled the top management in its private banking and wealth management divisions, with former planner Adrian Hondros announced as the new head of the private bank.

Mr Hondros, who previously served five years as head of the in-house advice channel, NAB Financial Planning, replaces Carl Harman who will move from the private bank to general manager of NAB Business in Victoria and Tasmania.

The NAB said it would appoint a replacement for Hondros from within the bank, and an announcement would be made within three weeks.

Mr Harman, who has pioneered the NAB's new private banking model, replaces Geoff Greer who moves to a national executive general manager position in NAB Business.

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