People Moves
The Big Moves In Wealth Management For 2011
The past 12 months have been dramatic as wealth management firms have battled to deal with a difficult economic environment. Several of the biggest names in the industry have resigned or been ousted from their jobs. Others have moved into leadership roles. This publication looks back at what were the biggest moves of 2011, led by UBS.
Oswald Grübel resigned as chief executive of UBS in September following a $2.3 billion loss caused by unauthorized trading at the firm’s investment bank in London. Sergio Ermotti took over as CEO on a full-time basis in November after holding the role for a few weeks on an interim basis.
Philip Lofts, CEO UBS Group Americas, resumed his former role as UBS's group chief risk officer. Lofts had been group CRO between November 2008 and December 2010, taking up his latest post in January this year. Maureen Miskovic, group chief risk officer since January, left the firm. Robert McCann, who joined UBS in 2009 to head up the firm’s wealth management arm in the Americas, will assume the role of chief executive for UBS Group Americas in addition to his current role. Ulrich Körner, who joined UBS in 2009, will take over the role of CEO UBS Group Europe, Middle East and Africa, in addition to his current role as group chief operating officer and CEO Corporate Center.
Sallie Krawcheck, president of global wealth and investment management at Bank of America, left as part of a management layer removal by BoA chief executive Brian Moynihan. She was one of the relatively small number of high-flying women in the traditionally male-dominated industry.
Edward Forst, global co-head of Goldman Sachs’ investment management division, announced he will retire from the firm at the end of the year. Forst is a veteran of the investment banking giant, having originally joined Goldman Sachs at its capital markets division in 1994.
Hans-Ulrich Meister became the new chief executive of wealth management at Credit Suisse. The Swiss-born Meister, former CEO of Credit Suisse Switzerland, took over from Walter Berchtold, who became chairman of the wealth management business after three years as CEO.
At Barclays Wealth, Januar Tjandra was named head of Greater China, based in Hong Kong. Given the rapid growth of the China economy, this appointment is a crucial one for the UK-headquartered firm.
James Steiner was in late October made head of a unit at Wells Fargo that caters to the ultra-wealthy client segment, as part of a strategic move by the US bank.
JP Morgan changed its wealth management executives, naming Phil Di Iorio as the chief executive of global wealth management and also appointing new leaders for its US private bank and private wealth management units.
Credit Suisse named Marcel Kreis as chairman of private banking Asia-Pacific and Francesco de Ferrari as head of private banking Asia-Pacific, effective 1 January 2012.
Jean-Louis Platteau, former global head of private banking and member of the executive board at BCGE, resurfaced at BSI Bank, having been appointed as head of its Geneva branch with responsibility for private banking in French-speaking Switzerland.
UK-listed Lloyds Banking Group consolidated its international wealth management and private banking businesses under Russell Galley as sole managing director. The parent bank meanwhile suffered uncertainty: recently installed group chief executive, António Horta-Osório went on a leave of absence on medical grounds.
Julius Baer's CEO for North Asia, Andrea Benenati, left to found an independent asset manager in Switzerland. The CEO for Eastern Europe, Middle East and Asia, Thomas Meier, has taken over Benenati's role on an interim basis and last month announced his successor. Kaven Leung, formerly of Goldman Sachs, will take over as chief executive of its North Asia business and deputy chief of Asia – but not until 19 April 2012.
Pauline Chung joined Bank of Singapore as market head of Greater China, having previously worked at Julius Baer.