One of the leading figures in the private banking industry has passed away.

The founder and chairman of Geneva-headquartered Union Bancaire Privée, Edgar De Picciotto, has died at the age of 86. He passed away from a long illness.

"He was a charismatic leader, driven by his family's values and always looking to the future. He will leave a deep personal imprint on UBP, which he made into one of the greatest family-owned banks in the world, with his ability for lateral thinking, talent for connecting with people and foresight helping to shape the bank's corporate culture. Edgar de Picciotto withdrew from UBP's operational management some twenty years ago and set up a governance structure designed to ensure the Bank's longevity. His son Guy de Picciotto has been CEO since 1998; his daughter, Anne Rotman de Picciotto, and his eldest son, Daniel de Picciotto, are on the Board of Directors. Edgar de Picciotto will undoubtedly remain a role model and a daily source of inspiration for the bank's entire staff. The thoughts of everyone at UBP are with the de Picciotto family, who ask for privacy at this time," the bank said in a statement.

A native of Lebanon, De Picciotto founded Compagnie de Banque et d’Investissements in Geneva in 1969, which was one of the first companies to recognize the potential of hedge funds for investors (source: Bloomberg). Following a merger, that business eventually became UBP.

Ray Soudah, founder of Millenium Associates and a member of WealthBriefing’s editorial advisory board, was fulsome in his praise for De Picciotto and paid tribute: “Edgar de Picciotto was a visionary and ahead of his time in asset management and international Swiss banking. He grew his bank and regrew it again after the financial crisis to pre-crisis levels as his commitment to his firm and clients was never ending. He will be warmly remembered and greatly missed as an irreplaceable icon of the industry and a gentleman."

UBP, headquartered in 1990, has grown rapidly in recent years and last year it expanded further by acquiring the non-UK wealth management businesses of Royal Bank of Scotland. The bank continues to be a prominent player in areas such as hedge funds. UBP had SFr110 billion ($111 billion) of AuM at the end of last year. 

The team of ClearView Financial Media, publisher of this news service, extends its condolences to De Picciotto’s family, friends, and colleagues.