Pernollet is departing the firm to “pursue a new challenge following an appropriate handover period”, EFG International said.

Pradelli has held a variety of senior roles, including at Deutsche Bank, as head of private and business banking in Italy, and head of business development for the private clients and asset management group in Frankfurt. From 2003-06, he was deputy chief financial officer of EFG Group, the largest shareholder of EFG International.

Latterly he has been head of international at Eurobank, focused on "New Europe". In this capacity, he oversaw businesses with a combined network of more than 1,000 offices and total operating income of about €700 million.

In his statement accompanying the announcement, Pradelli indirectly referred to the changes EFG International is putting into place to restore its profitability after a difficult period.

"I know the business well, and am convinced as to its future potential. It has put past missteps behind it, and the challenge is now to optimise and to grow. Performance so far this year, including net new assets, is on track, and I believe strongly that EFG International is operating in a market that remains highly attractive, and that as a business it retains strong competitive differentiation. The challenge is to ensure that it now converts this into profitable growth."

To view the firm’s 2011 results and asset disposal programme, click here.