People Moves

Executives Moves September 2006

Stephen Harris 2 October 2006

Executives Moves September 2006

Another busy month for moves and hires across the globe in wealth management, with a high number of high profile changes. International ...

Another busy month for moves and hires across the globe in wealth management, with a high number of high profile changes.

Gery Bruederlin, currently global head of HR in UBS Global Asset Management, will become group head of HR from 1 April 2007. He has been with UBS for almost 20 years in various functions across UBS's major businesses.

This follows Thomas Hammer's request to step down from his current role as group head of HR to return to his professional roots in executive search. He joined UBS in 2002 as a member of the group managing board and became group head of HR in 2003. UBS say that Mr Hammer transformed this function into one that plays a crucial role in supporting UBS’s strategy to grow as one firm.

Michael Peace, chief executive of Lipper, Reuters' mutual fund information subsidiary, and head of Reuters Global Wealth Management, is to succeed Julie Holland, who is retiring, as global head of its research and asset management division.

He will report to Devin Wenig, Reuters chief operating officer.

Barclays Wealth Management has appointed Gerard Aquilina as head of its international private banking businesses. He will report to Thomas Kalaris, chief executive of Barclays Wealth Management, and will be based in London and Geneva.

Mr Aquilina joins Barclays Wealth Management from HSBC Private Bank in New York, where he was chief executive officer for the Americas heading up 1200 staff in over 20 locations. Prior to that he worked for Merrill Lynch.

Mr Aquilina's role will be to grow and expand Barclays Wealth Management's offering for affluent and high net worth individuals internationally with particular focus on Europe, the Middle East and Africa.

Michael Morley, who previously headed up the Barclays International Private Bank, has decided to leave Barclays after four years to pursue other interests.

HSBC Private Bank has appointed Declan Sheehan as chief executive of Global Wealth Solutions. Mr Sheehan will be based in London and will report to Chris Meares, newly appointed chief executive officer of HSBC Private Bank, as of 1 November 2006.

Having worked with JP Morgan for some 18 years, where he held a number of senior positions in investment banking and private banking in London, New York, Hong Kong, Tokyo and Geneva, Mr Sheehan has broad experience in the private banking industry.

GWS is HSBC’s global trust company.

Merrill Lynch Global Private Client in the UK has hired a high profile key client team of three from UBS Wealth Management.

Thomas Ferrand, Mubashar Ayoob and Peter Anderson each have outstanding track records in asset gathering and investment advice and will join Merrill Lynch in mid-November 2006, to focus on entrepreneurs and high net worth families based in the UK, with investable assets of more than £10 million ($19 million).

They will work together as a team in Merrill Lynch GPC’s London office, reporting to Nick Tucker, Market Leader for GPC UK & Ireland.

Mike Bussey, who previously headed up the Private Banking and Trust business at Rothschild, has decided to leave after four years, to pursue other interests according to a statement from the UK-based wealth manager.

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.

UK-based Singer & Friedlander has continued to re-build its private client business after it lost a team of private client managers to Close Brothers in early June. The bank has hired Tony Conway as director of marketing and business development along with Richard Nunnely as director of marketing.

In July Singer & Friedlander hired six private client specialists to help replace a total of 14 investment managers who announced their departures from the firm the month before.

Mr Conway, who heads up the new team, joins from Rothschild where he was head of marketing.

Mr Nunnely is one of a group of senior employees who have left ABN Amro Private Bank in London in the last few months. He joined the Dutch bank for a short period as funds director having previously worked at Cazenove Capital Management.

Mark Henney who was suspended from his position as head of Private Banking at ABN Amro has resigned.

Mr Henney had been at ABN Amro since 1992 but had been in his last position for a little more than a year after being promoted to run both the UK domestic and international businesses. Previously he ran the UK international business from Jersey.

Mr Henney was suspended early in July along with Craig Franklin, the head of the Jersey business, and Sarah Beirne, who has since resigned as head of HR for the private bank in the UK.

As an interim measure after the suspensions, ABN have brought in Herman Erbe, chief risk officer for the private clients division, to be acting head of private banking for the UK and Jersey.

The rush for the door at ABN Amro in London continues with the departure of David Agie de Selsaeten who has left to join UK-based Threadneedle Investments as key account manager global financial institutions.

US-headquartered investment manager Franklin Templeton Investments has appointed Samantha Crocker as head of marketing for its UK retail business. This is a new post, to which Ms Crocker comes from Merrill Lynch Investment Managers, where she was a vice president with responsibility for marketing in the UK; before that, she spent ten years with JP Morgan Fleming.

John Hall, chief executive of UK-based Brewin Dolphin Securities, has become the new chairman of UK trade body the Association of Private Client Investment Managers and Stockbrokers. He replaces Mark Powell, chairman of Rathbones.

Former chief executive of London-based wealth manager Ansbacher, Richard Spilg, has joined BDO Stoy Hayward Asset Management, as chief executive.

London-based BDO currently has around £2 billion ($3.8 billion) of client funds under management, around £400 million of which are managed within its Fitzwilliam family of multi-manager funds.

Billy Mackay, head of retirement at Barclays Wealth Management in the UK, is returning to Skandia, his former employers, as head of marketing to oversee product development and marketing for all of Skandia’s life products.

Mr Mackay was poached by Barclays Wealth last month, but said he had decided to return to Skandia because the opportunity offered by his former employer was too tempting.

He was formerly pensions marketing manager at Skandia.

Peter Hall has joined UBS as a managing director responsible for the UK Regions.

Mr Hall, who joins UBS from Barclays, will be based in London, and will report to Emmanuel Fievet, head of UK domestic at UBS Wealth Management.

UK-based Brewin Dolphin Securities has appointed Philip Browne as director of marketing after the promotion of the previous incumbent, Charlotte Black, to a new position as director of corporate affairs.

Mr Browne joins from London-based private client investment manager and stockbroker Killik & Co where he was also director of marketing.

After three and a half years in the Bermuda office of offshore law firm Conyers Dill and Pearman, trust and private client lawyer Edward Stone has moved to London as Head of Private Client. He had originally joined CDP from law firm Withers in Geneva.

UK-based investment manager Morgan Stanley Quilter has appointed Richard Thorn head of its Liverpool office. He will report to the head of onshore offices, David Loudon.

Mr Thorn is a vice president at Morgan Stanley Quilter, having joined the company in 1986. He succeeds Tim Timotheou, who will be focusing his attention on business development for the office.

Credit Suisse has appointed Roy McGregor country chief executive officer in the Channel Islands and chief executive of Credit Suisse Guernsey. In his new role, he will continue to expand Credit Suisse's footprint in the Channel Islands.

Mr McGregor joined Credit Suisse in 2004 and currently holds the position of chief operating officer for Credit Suisse's UK private banking business. Before joining Credit Suisse, he was group head of risk and compliance at SG Hambros Bank & Trust, part of SG Private Banking.

Credit Suisse has also beefed up its UK Private Banking regional advisor team by appointing Simon Whittley from Arbuthnot Latham Private Bank and Chandos Gore Langton to cover the South West of England.

Barclays Wealth Management has appointed Arnaud de Servigny as managing director and head of quantitative analytics.

Dr de Servigny will report to Kevin Lecocq, chief investment officer for Barclays Wealth Management. He will start in his now role this month.

In his new role Dr de Servigny will expand Barclays Wealth Management's quantitative capability in client profiling, risk management and optimisation. He and his team will also provide quantitative support to the asset allocation and fundamental research processes.

Dr de Servigny was previously at Standard and Poor's, where he held a number of senior positions, most recently as a managing director and head of quantitative analytics.

Barclays Wealth Management has also appointed Bobby Kapur as a director in Barclays Private Bank's non resident Indian team after poaching him from Merrill Lynch, where he had been a senior private client advisor in the NRI market for two years.

Mr Kapur previously worked at Morgan Stanley in Singapore as a senior private banker specialising in the NRI market.

Gerry Barber has been appointed as head of product development at London-based Ansbacher, a newly-created role designed to maintain and develop Ansbacher’s delivery of bespoke products and services to high net worth individuals.

HSBC has appointed Tony Joyce as global head of marketing and communications, Group Private Banking.

Mr Joyce joins HSBC Private Bank from Dunhill where he was worldwide retail and licensing director.

EFG Private Bank, the London-based private banking arm of EFG International, has recruited six new client relationship officers following the recently announced appointments of Paul O’Donnell from UBS as head of private banking, together with Hans Knowles from Credit Agricole and Andy Lee from BW Group (IOM).

Michael Eagle, Steve Beckley, Daniel Edwards and Andrew Brooks all previously at Coutts and Anthony Christodoulou, previously at UBS will focus primarily on UK-based clients, whilst Keith Simpson who joins from HSBC will focus on Greece.

The Americas
Deutsche Bank has appointed Michael Burke as managing director and head of US Private Client Services.

Based in New York and Baltimore, he will report to Thomas Bowers, head of the US Private Wealth Management Division.

Mr Burke will be responsible for the management of Deutsche Bank Alex. Brown, the US Private Client Services division of Deutsche Bank Securities.

He joins from Morgan Stanley's Global Wealth Management Group, where he was most recently managing director and director of national sales.

Deutsche Bank has also hired Rosemary Vrablic and Dominic Scalzi as managing directors and senior private bankers in its US Private Wealth Management business.

Both join the firm from Bank of America Private Bank, where they were private client advisors. At Deutsche they will work with ultra high net worth individuals and families and will focus on structured finance solutions for real estate developers and investors. They will be based in New York.

First Republic Bank, has appointed John Packowski as a managing director.

Mr Packowski will provide private banking, investment management and trust services to high net worth individuals, their families and their businesses, and will be based in Boston.

Prior to joining First Republic, Mr Packowski worked for Boston Private Bank & Trust Company in Boston for 13 years, most recently as a senior vice president, investment management and trust.

Dr Mohsen Anvari has resigned as a director of Toronto Stock Exchange-listed Dundee Wealth Management, due to personal reasons.

Credit Suisse has appointed Paul Simons as a managing director and head of client relationship management and development for Private Banking Americas, effective from 2 October.

In this newly created role, Mr Simons will be responsible for client acquisition and development. He will be based in New York and report to Anthony DeChellis, head of Private Banking Americas.

Mr Simons joins Credit Suisse from Merrill Lynch, where he was instrumental in building a business for Merrill that focused exclusively on the needs of ultra-high net worth clients, families and executives. He was involved in strategy, finance, planning, client relationship management and branding.

Marlon Young has been appointed by HSBC Private Bank as chief executive officer for the Americas. He takes over from Gerard Aquilina who has replaced Michael Morley as head of Barclays International Private Bank.

Mr Young joined HSBC from Citigroup in March of this year as managing director and head of US domestic private banking.

At Citigroup he was the Private Bank's US Northeast region and head of investment finance and senior credit officer for the US Northeast and Mid-Atlantic regions.

Newly-launched New York-based private bank, Modern Bank, has hired American football legend Joe Montana, as vice chairman.

Mr Montana, who led the San Francisco 49ers to four Super Bowl victories, was formerly a general partner in HRJ Capital, an investment fund for professional athletes and wealthy individuals.

Bippy Siegal, chief executive of venture capital firm Raycliff Capitalas, will serve as chairman of the new bank.

Anthony Burke, former president and chief operating officer of New York Community Bank, will be president and CEO.

The founders believe that Modern Bank is the first independent private bank to be formed in New York in 25 years.

Thomas Brown, US head of national recruiting for UBS Wealth Management, has left to run the Purchase, NY branch of Smith Barney.

Mr Brown had been with UBS for two years before returning last week to Smith Barney, where he had worked for almost 10 years prior to leading the recruitment efforts at the Swiss bank.

Mr Brown replaces Dan Ackerman, who will rejoin the ranks of more than 40 financial advisors in Purchase. The branch is thought to hold around $4 billion in client assets and generates around $23 million in annual revenues.

First Republic Bank has appointed Dodie Gumaer, as a managing director to be based in New York.

Ms Gumaer will work for First Republic Wealth Advisors and serve high net worth individuals, providing investment strategy and management, and trust services.

Prior to joining First Republic, Ms Gumaer worked for US Trust Company of New York for nine years as a vice president, serving the banking and investment management needs of high net worth clients.

Alexander Siegenthaler will take over as the new head of Bank Sarasin's private banking unit in Zurich, from 1 December 2006. He will be responsible for all private banking for Swiss and international clients served from that office.

Mr Siegenthaler was previously managing director and head of private banking for Latin America, Bahamas and North America and Iberia offshore at Credit Suisse. He will join the management team of the private and institutional clients Switzerland division led by Eric Sarasin as chief executive and with Marco Weber as chief operating officer.

Conrad Schwyzer, a long-serving member of Bank Sarasin’s executive committee, who originally built up Bank Sarasin’s Private Banking Zurich business, is now to take “special responsibility for selected key clients”.

The Basle-based bank has also appointed Fidelis Goetz, a citizen of Liechtenstein, as head of its recently-formed international division. He will take up his new post and will also join the executive committee of the Swiss private bank on 1 January 2007.

Mr Goetz, who was previously head of private banking for North Asia at Credit Suisse, will take over from Franz von Meyenburg, who will resign at the end of this year.

Citigroup Private Bank has appointed Michael Demirel as the new head of its Private Bank in Switzerland and general manager for Citibank (Switzerland).

Mr Demirel will be based in Geneva, he will report to Marianne Hay, chief executive officer of Citigroup's Global Wealth Management business in Europe. He will report locally to the board of directors of Citibank (Switzerland) and will work closely with Per Etholm, Citigroup’s country officer for Switzerland.

Mr Demirel joined Citigroup Private Bank Europe in January this year as a strategic consultant. Previously with UBS in New York, he was executive director, UBS Wealth Management US and was responsible for new business development, M&A activity and devising an ultra high net worth focus.

Swissfirst has appointed Walter Knabenhans, who until last January was chief executive of Julius Baer, as its next chairman.

The appointment of such a respectable banking figure is seen as an attempt to distance Swissfirst from the allegations of insider trading that have recently bedeviled it.

Patrick Biri will head the private client business of Credit Suisse in the Northern Switzerland region with effect from 1 October 2006.

He is succeeding Othmar Cueni, who will take over as head of the Private Banking Institute at the Credit Suisse Business School in Zurich.

HSBC Private Bank (Suisse) in Geneva has hired Luis Astorquia, as head of Iberia. Mr Astorquia was previously at Banco Santander (Suisse). He will report to Pierre Sigt, who is a member of the bank's management committee.

In another strengthening of the client facing team, Gabriel Rabinovici has joined HSBC from Union Bancaire Privee in Geneva, as a private banker for Brazil reporting to Michel Delmeu.
International wealth manager, Tally-Ho Ventures has appointed Christopher Cruden and David Anderson to the board of advisors for MasterTrust, its Swiss-based financial services subsidiary, which provides asset management services for high net worth individuals, corporations and trust funds.

David Anderson, an advisor and director for the London-based Winterman Exchange was a founder and chairman of ED&F Man a London-based commodities investment firm that later became Man Group, the London-listed hedge fund specialist.

BNP Paribas Asset Management has appointed Christian Dargnat as chief investment officer and a member of its asset management business executive committee.

Based in Paris, Mr Dargnat will have overall responsibility for the French asset manager’s investment policy and will be charged with strengthening the relationship between the bank’s asset management teams and sales and marketing.

He will work with Philippe Lespinard, who has functional responsibility for the business's bond management teams.

Mr Dargnat was previously at Credit Agricole. His most recent role was head of equity management, balanced management and convertible bond and arbitrage products.

Merrill Lynch Global Private Client in the Netherlands has appointed Enrico Gräber as a financial advisor. In his new role he will advise high net worth individuals, both in the Netherlands and internationally.

Mr Gräber joins from Citigroup in London, where he was a senior investment management specialist.

Deutsche Bank Private Wealth Management has appointed Hannes Oelschlegel as managing director and head of Private Wealth Management Central and Eastern Europe and Turkey with immediate effect.

Mr Oelschlegel joins Deutsche Bank from UBS where he was head of Wealth Management Eastern Europe.

Asia Pacific
Swiss wealth manager Julius Baer has appointed Ong Yeng Fang as market head of private banking in Singapore.

She took up her duties on 25 August 2006 and reports to Heinz Puth, Julius Baer's South East Asia head of marketing.

Julius Baer has also appointed Kenneth Ho as head of products Asia Pacific. He is based in Hong Kong and reports to Andrea Benenati, head of North Asia.

Mr Ho will be responsible for building the bank's product platform that includes portfolio management, sales and advisory products and services, wealth engineering, and trust and family services.

He was previously head of products North Asia for Credit Suisse Private Banking in Hong Kong having also worked at Salomon Smith Barney and Merrill Lynch.

Angelina Wee has been appointed head of banking, Commonwealth Private Bank, Singapore. She will start her new role on 25 October and will report to Khing Go, chief executive officer, private banking Asia for the Australia head quartered bank.

Mr Go reports to Edward Tait, in Sydney, head of Private Banking at Commonwealth Bank.

Ms Wee joins from Westpac where she was head of private banking, Singapore. She previously worked at Standard Chartered and UOB.

Matthias Chan has been appointed as senior vice president, investments at Commonwealth Private Bank. Mr Chan will also be Singapore-based and will also report to Mr Go. He starts on 16 October.

Commonwealth Bank of Australia has also appointed Lelia Ho as head of Private Banking, Hong Kong.

Credit Suisse has appointed Anuj Khanna head of Private Banking North Asia, effective from 28 September.

Mr Khanna, who joins from UBS, where he was regional head for the core affluent business segment for Asia Pacific, will be based in Hong Kong.

ABN Amro has appointed Hans Diederen head of Private Banking for North Asia.

Mr Diederen returned to the region - he was based in Hong Kong from 1999-2002 - in July after being country manager and head of ABN AMRO Private Banking Gibraltar; he took up his new position on 1 September.

He will again be based in Hong Kong, reporting to Barend Janssens, the head of Private Banking, Asia.

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