Vontobel, the Swiss private banking group, has hired Marco Bacchetta as the new head of sales for its brokerage business.

Mr Bacchetta, who takes over at Vontobel in August, was most recently head of equity sales and a member of the executive board at Neue Zürcher Bank.

"In Marco Bacchetta, we have gained a proven, recognised expert in Swiss equities for this demanding leadership role. I am confident that he will lend additional impetus to brokerage and that we can build on our leading position in the Swiss equity brokerage business," said Roger Studer, head of investment banking at Vontobel Group.

Eugen Brenner - who has headed sales and research at Vontobel’s brokerage arm, as well as its external asset managers business for the past several years - made the decision to relinquish part of his management responsibilities some time ago, the firm said in a statement. The Vontobel Group will continue to benefit from Mr Brenner’s expertise and contacts in various capacities, including EAM, the statement continued.