Bank J Safra Sarasin, the Swiss banking group now under Brazilian ownership, has appointed Sergio Penchas as head of its asset management, products and sales division, and as a member of its executive committee.

He takes over from Burkhard Varnholt, who has resigned, the firm said in a statement yesterday.

As part of his move, Penchas has resigned from his membership of the board of directors of Bank J Safra Sarasin Ltd and of J Safra Sarasin Holding AG.

Penchas, a Brazilian citizen, has more than 20 years of experience in the banking and financial markets industries with the Safra Group. A large part of his career has been dedicated to asset management while at Banco Safra in Brazil and at JSI investments, the family office of the Safra family.