WealthBriefing's monthly global round-up of executive moves in wealth management.

UK
Standard Bank in Jersey has appointed Phil Duffin senior manager - business development to strengthen its provision of financial services to professional intermediaries.

Mr Duffin was most recently at Kleinwort Benson where he was a corporate banking director responsible predominantly for trust company business.

Craig Franklin has resigned from ABN Amro Private Bank, the bank has confirmed.

Mr Franklin, who was head of the Dutch bank’s Jersey private banking business, is the last of three senior staff suspended by the bank earlier this year to resign.

Mark Henney, the head of the UK business and Sarah Beirne, HR director, both resigned from ABN Amro in the summer.

UK-based specialist investment management consultants Citisoft have appointed Steve Dyson as senior vice president, European business development.

Mr Dyson joins from Bank of New York where he was a client executive in the UK banks team with an emphasis on wealth managers and private banks.

At Citisoft, Mr Dyson will become a senior relationship manager with the firm’s strategic clients, particularly those clients involved in outsourcing, hedge funds and wealth management.

Mr Dyson previously worked at Schroders and State Street.

Citigroup has appointed Stephen Bristow to its UK banking team, effective 1 December 2006 and based in London. Mr Bristow, who joins as a director, will report to Peter Charrington, managing director for Citigroup Private Bank in the UK and Greece.

In his new role Mr Bristow will focus on client acquisition and the development of close relationships with entrepreneurial clients.

Mr Bristow previously worked at Coutts where, from 2003, he was a senior private Banker. In this role he advised on discretionary and advisory investment management, hedge funds, private equity, structured products, tax advisory services, currency management, strategic philanthropy and trusts. He was at Coutts for a total of 12 years.

Peter Horton, a senior divisional director and long standing investment manager, and two of his assistants have resigned from Barclays-owned UK private client specialist, Gerrard in Birmingham.

The three are heading for Williams de Broë and will be joining the former Christows Birmingham office when their contracts allow a spokesman for Williams de Broë told WealthBriefing.

Sources close to the deal say it involves equity participation.

Barclays Wealth has appointed Edward Chadwyck-Healey managing director in the high net worth segment of the UK Private Bank, along with Paul Richardson who has joined as a director with responsibility for sport, media and entertainment.

Both will report to Mark Kibblewhite, managing director and head of the affluent and high net worth businesses which encompass Gerrard and the UK Private Bank.

Mr Chadwyck-Healey joins at the end of October from UBS Wealth Management where he was deputy head of their UK high net worth business.

Mr Richardson joined in August from Coutts where he worked as head of London Private Banking. He initially joined Coutts in 2000 and established their sports and entertainment division.

Barclays Wealth Management has made a number of key appointments since the beginning of the year. In the UK these include: Kevin Lecocq, head of the product office, Jeremy Arnold, head of wealth advisory, Brian Cordischi as head of investment management and Farzan Riza, chief executive officer across Gerrard and UK Private Bank.

International appointments include: Rodney Allen, head of wealth structuring based in Geneva; Soha Nashaat, head of the Middle East; Jamie Apold, a senior private banker in Geneva; and Vicky Patino, Geneva sales director for international affluent business.

Newton Investment Management, the UK asset management subsidiary of Pittsburgh-headquartered Mellon Financial Corporation, has announced the appointment of Christopher Flather and Robert Crabtree to its Leeds Private Investment Management office.

Both come from Singer & Friedlander and will be responsible as directors of investment management for managing private client portfolios, reporting to Peter Anwyl-Harris who has management responsibility for the Leeds office.

Rothschild Private Banking in London has lost another director. Jonty Colchester, a client-facing director who specialised in servicing sports people has left, according to a spokesman for the bank.

The departure comes after Mike Bussey, who previously headed up the Private Banking and Trust business at Rothschild, had decided to leave after four years, to pursue other interests.

The two departures are unconnected according to the spokesman.

Veit de Maddalena, currently chief executive of Rothschild Bank in Zurich, has been asked to lead the business, in partnership with senior colleagues in London and Zurich, until a successor to Mr Bussey has been found.

David Hazelton has been appointed as the new head of business development for Raymond James Investment Services, the UK private client investment management arm of Raymond James Financial.

Mr Hazelton is responsible for the development of the advisor base in the UK under RJIS’ three business models: independent contracting, professional partners and the wrap platform.

He was previously assistant director, head of financial planning at Dexia Private Banking, and prior to that was sales director at Selestia, the fund supermarket subsidiary of Old Mutual.

UK business and financial advisors Grant Thornton have recruited Francesca Lagerberg from Smith & Williamson to head up the firm's new National Tax Office in London.

Ms Lagerberg has 15 years' experience in tax as barrister, chartered accountant and Fellow of the Chartered Institute of Taxation. She is also the chairman of the Tax Faculty of the Institute of Chartered Accountants in England and Wales, on the Council of the ICAEW and the Personal Tax Committee of the CIOT and chairs the Tax Faculty Committee.

Smith & Williamson has appointed Richard Mannion head of national tax from 23 October. Mr Mannion was previously head of tax at accountancy firm Solomon Hare which merged with Smith & Williamson last year.

Mr Mannion is a former president of the UK's Chartered Institute of Taxation and is currently a member of the institute’s technical and personal tax committees.

US
Deutsche Bank Alex. Brown, the US Private Client Services division of Deutsche Bank Securities and Deutsche Bank Private Wealth Management, has appointed Gary Domoracki as a managing director and regional executive for PCS in Boston.

He will report to Michael Burke, Managing Director and Head of US Private Client Services.

He joins Deutsche from Credit Suisse First Boston where he was the Boston regional director. Previously, he was an investment advisor at Donaldson, Lufkin & Jenrette.

Nathan Allen has joined PCS in Greenwich, Connecticut as a director and client advisor, reporting to James Knight, director and Greenwich's regional executive. He joins from UBS.

Nicholas Biondi also joins as a director and client advisor in the Philadelphia office reporting to Martin Leclerc, managing director and Philadelphia’s regional executive.

Michael Engelbrecht has joined as a managing director and client advisor in Palm Beach, Florida for PCS, reporting to James Zahringer, managing director and Florida’s regional executive. He joins from JP Morgan Private Bank where he was a vice president and region head for South Palm Beach and Broward Counties.

Phil McConkey has joined as a director and client advisor in the San Francisco office, reporting to Don Nejedly, managing director and San Francisco’s regional executive. He joins from GGET where he was a senior vice president in the institutional equity area. Previously, he was a professional football player with the New York Giants.

Jay Pickett joins PCS from Smith Barney as a director and client advisor in Atlanta reporting to Don Milich, managing director and Atlanta’s regional executive.

UBS has appointed John Straus as head of Private Wealth Management, the group that serves the Swiss bank’s ultra high net worth clients in the US, with immediate effect.

Mr Straus was previously at UBS JP Morgan Chase where he was a managing director and head of the US Private Bank until 2005. Prior to that he was in a similar role at Morgan Stanley Dean Witter.

Mr Straus will be based in New York and will report to Marten Hoekstra, head of UBS Wealth Management US.

The role Mr Straus is taking on at UBS was previously filled by Anthony DeChellis, who earlier this year left UBS to join Credit Suisse. He takes over from Stewart Brenner who was has been fulfilling the role on an interim basis as who will remain at the bank.

Mr Straus will be responsible for the strategic direction and management of the Private Wealth Management Group, catering to the ultra high net worth segment of the US wealth market, defined as those having at least $10 million in investable assets or a net worth of at least $25 million.

Terry Jenkins has been appointed president of Harris Private Bank to oversee the delivery of wealth management services across the US, effective immediately. He is based in Chicago.

Mr Jenkins was most recently head of BMO Harris Private Banking in Canada, a post he held since 2002.

Mr Jenkins succeeds Graham Parsons, who was head of Harris Private Bank in addition to his role as executive vice president, Global Private Banking, for BMO Financial Group. Mr Parsons will remain in charge of Global Private Banking for BMO and will be based in Toronto.

UBS Wealth Management USA has recruited two high-revenue earning brokers from Morgan Stanley, according to US media reports.

Stanley Winer and Adrian Levsky, the new recruits, have joined the UBS office in Springfield Massachusetts. The two, who spent 13 years and 7 years respectively at Morgan Stanley, are both high revenue-generating individuals.

Prior to leaving Morgan Stanley they reportedly managed $400 million in client assets from around 550 households in Springfield and produced around $1.9 million in fees and commissions over the past year.

The UBS office based in Springfield currently employs around 30 financial advisors, produces $15 million in revenue annually and manages around $3 billion of client assets. It caters to high net worth individuals and families.

UBS has acquired a number of high revenue generating clients from rivals in recent months. In September the firm recruited three veteran brokers who produced $5 million from Merrill Lynch in Florham Park, New Jersey.

Delaware-based Wilmington Trust has expanded its office in Baltimore and added several senior professionals to serve high net worth clients in the greater Baltimore region.

The expansion reflects Wilmington Trust’s corporate strategy to build its wealth advisory and US regional banking businesses in growing markets. Wealth advisory services are offered across the US.

HSBC Private Bank has appointed Richard Slinn as head of investments for the US West Coast. Mr Slinn will be based in the San Francisco office.

Prior to joining HSBC, Mr Slinn was a managing director and portfolio manager at Deutsche Bank Private Wealth Management, and served as a portfolio manager at a Forbes 400 family office.
Deutsche Bank has appointed Laura Trop to the firm’s US Private Wealth Management business.

Ms Trop will join PWM as a managing director and head, commercial real estate lending. She will be based in New York and will report to Tim Schantz, managing director and head, PWM structured lending.

She joins from Citigroup Private Bank where she was a director in the Commercial Real Estate Group. Previously, she was a founder and a Partner of Foray Capital, a real estate consulting firm.

Switzerland
Christoph Weber, currently deputy to the chief executive of ATAG Asset Management, is to join Lugano-based Banca del Gottardo on 1 March 2007. As a member of the executive board, he will be responsible for managing and expanding the private banking business in Switzerland's German and French-speaking regions as well as in Luxembourg. He will be predominantly based in Zurich.

As a member of the executive board of ATAG Asset Management, a subsidiary of Basellandschaftliche Kantonalbank, Mr Weber has been responsible for the former’s private and institutional clients since 2000. He previously held management positions at Zürcher Kantonalbank and Bank Vontobel.

Sam Fiore has been appointed director business development of Prime Fund Solutions, a unit of Fortis Merchant Banking that services alternative investment managers.

Mr Fiore was formerly the head of Private Banking at Dryden Bank SA, which was acquired by Fortis earlier this year. He was previously at The Chase Manhattan Private Bank (Switzerland).

Geneva-based Banque Syz have announced the arrival of Thierry de Groote, who is joining the group’s private management team as a director. Within this structure, Mr de Groote will be tasked with developing Syz private banking activities in new markets.

Previously, Mr de Groote was with Kredietbank in Geneva from 1996, where he was in charge of private banking and an associate member of the bank’s management committee.

Pictet Asset Management has appointed two senior investment managers to its equities group.

Peter Jarvis has been appointed as senior investment manager in the global emerging markets team, specialising in the EMEA markets and reporting to Nidhi Mahurkar and Tom Rodwell, joint heads of the team.

Mr Jarvis joins PAM from Invesco Asset Management, where he spent 13 years managing global emerging markets, Latin American, and Eastern European portfolios.

Adrian Hickey has been appointed as senior investment manager in the regional equities team, specialising in Japanese Equities and reporting to Richard Heelis, head of regional equities.

Mr Hickey joins PAM from Foreign & Colonial where he was director of Japanese equities.
Deutsche Bank Private Wealth Management has announced from Frankfurt the appointment of Rudy Suter as managing director and head of financial intermediaries with immediate effect.

In his new role, he will be responsible for structuring, bundling and developing private wealth management capabilities in this unit. This will include client acquisition and service enhancements as well as a broader use of existing global booking centres.

Mr Suter joins Deutsche Bank from UBS where he was head of intermediaries for the Americas. He spent a total of 16 years at UBS in different senior positions in Zurich, New York, London, Frankfurt, Tokyo and Melbourne.

He will be based in Zurich and report to Dr Hans-Jürgen Koch, head of Deutsche Bank Private Wealth Management International and chief executive officer of Deutsche Bank (Switzerland).

Goldman Sachs has appointed Rene Mottas as co-head of international private wealth management for Europe the Middle East and Africa, according to reports in the Swiss press.

Mr Mottas, who will work alongside Pernille Jensen, has also been named the new general manager of Goldmans Zurich.

Mr Mottas joins from Credit Suisse subsidiary Clariden Bank, where he was head of European private banking. He previously spent 20 years at UBS.

Bank Sarasin has appointed Thomas Vonaesch as head of private banking Basel with immediate effect.

The position was previously held by Eric Sarasin.

The appointment extends Mr Vonaesch’s area of responsibility to international private clients served from our Basel office, having assumed responsibility last summer for all the bank’s Swiss private clients in the Private Banking Basel segment.

Europe
Benoit Vanderborght has left Merrill Lynch Global Private Client to pursue other interests according to sources close to the bank.

Mr Vanderborght was deputy sales manager for France and Belgium based in France, and reported to Gilles Dard, Merrill Lynch GPC market leader for Northern Europe.

American Express Private Bank has hired Antoine Bordelais as senior director and regional investment specialist for Europe, the Middle East and Africa.

Mr Bordelais’s responsibilities will include private banking clients’ investment strategies, contributing to the American Express Private Bank’s global investment products strategy and managing a team of investment specialists for the EMEA region.

Based in London, he has been appointed to American Express global wealth management’s executive committee for the EMEA region and American Express Bank’s global asset allocation committee.

Wilco Jiskoot will take over board responsibility for private clients at ABN Amro on 1 January 2007. His appointment follows news of the departure of Dolf Collee at the end of the year.

Mr Collee’s other responsibilities will be added to other existing members of the Dutch bank’s board of directors.

Daniel Roy has been appointed director of offering, HSBC Private Bank France.

In this role, he will be responsible for the development and enhancement of the bank's offering by drawing on the expertise of HSBC Private Bank France as well as HSBC Group's offering, according to a statement from the bank.

He was previously chief executive officer of Natexis Asset Management and Natexis Immo Placement as well as chairman of Natexis Asset Square.

Guido Lenheer is joining Vaduz-based VP Bank on 1 January 2007 to support the development of the bank’s Middle and Far East initiative.

Mr Lenheer is currently employed at UBS in Dubai.

Middle East
Stephen Richard-Evans, chief executive officer of Middle East onshore private banking at HSBC in Dubai has resigned, according to sources close to the bank.

He reported to Geneva-based Pierre Pissaloux, head of Middle East and North Africa for HSBC Private Bank.

Mr Pissaloux, who joined HSBC from Union Bancaire Privée earlier this year where he was head of private banking, had been given a mandate to build up the Middle East team at HSBC.

Barclays Wealth has appointed Maneesh Dungarwal and Ali Khatau to the Barclays Private Bank team in the Middle East. They will join in November and are based in Dubai.

Mr Dungarwal and Mr Khatau both join from Julius Baer Middle East where they helped to set up operations in the region. They will report to Soha Nashaat who joined Barclays Wealth in June to head up Barclays Private Bank in the Middle East after 15 years with Merrill Lynch.

The team is aiming to build the private client franchise for both the non-resident Indian and Middle East markets.

Rajan Sehgal the Dubai-based global head of non-resident Indian offshore business at Merrill Lynch Global Private Client has resigned in favour of Credit Suisse.

Rahul Malhotra who joined from Citigroup earlier in the year to head ML GPC’s onshore operation in India as well as the non-resident Indian business, will take over responsibility for the offshore business from Mr Sehgal as well as the onshore business, according to a Merrill source.

Latin America
Wachovia Securities has hired three high net worth financial advisors from Morgan Stanley in San Juan, Puerto Rico, as part of its Latin America expansion.

Margarita Figueroa-Toro, Cathy Santiago and Sandra Ramos-Betancourt, who together held around $350 million in client assets join the team of 13 financial advisors in the San Juan branch, which was inherited by Wachovia in 2003 from Prudential Securities.

They will report to Manuel Iglesias, manager of the San Juan branch complex, which services wealthy individuals and families.

Puerto Rico is part of the Wachovia's Latin America Group, which has offices in Miami; San Juan; Asuncion, Paraguay; Buenos Aires; Montevideo, Uruguay; Rio de Janeiro and Sao Paulo, Brazil; and Santiago, Chile.