People Moves

Executive Moves April 2009

Rachel Walsh 5 May 2009

Executive Moves April 2009


Private client law firm Walkers expanded in Jersey with the addition of two attorneys from its London office. Ian Gobin was named the new head of private equity for Jersey and Charles Lee joined Walkers' investment funds team on the island.

Andy Taylor is the newly appointed head of property at alternative investment wealth management group Stenham.

Barclays Wealth, the private client arm of UK bank Barclays, confirmed that Alfred Shukry, head of its Middle East business in London, left the firm.

The Bank of New York Mellon expanded its alternative investment and broker dealer global client management division with the appointment of Julian Poodhun, Huw Rees and Kelly Wilson.

UK-based alternative investment house Insparo Asset Management appointed Jon Laidlow as its new chief operating officer, following Simone Kruys' decision to relinquish the role and return to her native Australia.

Lloyds TSB International Banking revealed that its country manager and head of international private banking for Gibraltar, Albert Langston, is retiring as of July 2009. The bank appointed current regional head of expatriate banking, Mark Johnson, as country manager and Marina Dominguez Steglich as head of international private banking for the region.

Clive Snowdon is the new fund services head at the Channel Islands arm of Kleinwort Benson, the London-listed private bank.

Gary Dugan, chief investment officer for Europe, Middle East and Africa at Merrill Lynch Global Wealth Management, based in London, left the firm to work for a Middle East bank in Dubai.

Tokio Marine Asset Management London, the Japanese and Asian equities specialist, recruited Paul Butler from Goldman Sachs for the newly created role of compliance manager.

Brewin Dolphin strengthened its investment management offering in the Channel Islands with the addition of a new team to its Guernsey office. Separately, it named a new group head of financial planning in the UK.

The Guernsey team includes Stephanie Le Tissier and Robert Cable and is led by Ian Smethhurst. Sarah Deaves, the chief executive of Coutts & Co, the UK private bank and its sister Scottish firm, Adam & Co, is leaving the post to become managing director of the Affluent Banking segment of Royal Bank of Scotland.

Hawksmoor Investment Management recruited Daniel Lockyer for its fund management team. Mr Lockyer joins Hawksmoor from iimia wealth management, a subsidiary of Midas Capital.

London-based asset manager Gartmore recruited Dan Roberts from Aviva Investors to manage its £137 million ($202 million) UK Equity Income Fund.

Barclays Wealth, appointed Emma Turner as a director and head of philanthropy for its UK & Ireland Private Bank.

Cheyne Capital Management appointed Chris Goekjian as partner and chief investment officer.

Julian Goodman, one of the founders of Scott Goodman Harris, the wealth management business bought by UBS five years ago, resigned from the bank, UBS said.

UK tax and wealth management advisory firm The Fry Group hired Mark Davies as a financial planner specialising in advising UK expatriates residing in southern Europe.

Vestra Wealth, the firm set up by a former UBS senior manager last year, appointed Mike Batchelor, the former head of wealth management for Kleinwort Benson as a partner, as well as a number of other Kleinwort Benson senior managers.

UK-based private client accountants Saffery Champness made Matthew Burton the head of its landed estates group. Mr Burton succeeded Martin Webster, who has headed the group since its inception.

Guernsey-listed trust Hansard Management Services made two new appointments, with a focus on business development and client acquisition. Alan Northmore is director of client services and Karen Blanchard-Foster joins the company as head of business development and marketing.

Scottish CCW Business Lawyers strengthened its property and private client team with the appointment of Gordon Hunter as a partner.

Barclays Wealth, the private client arm of UK bank Barclays, reorganised its senior management team in Scotland. Craig Jamieson was been appointed as regional centre head at Barclays Wealth Glasgow. Douglas Noble was promoted to head of private banking in Scotland and Northern Ireland. John Godfrey replaced Mr Noble as regional centre head in Edinburgh.

Barclays Wealth also recruited Paul James, a former senior manager at Citi, as its new head of wealth structuring.

Offshore law firm Ogier appointed Bob Banfield as managing director of its fiduciary services operations in Guernsey, a role with responsibility for the overall leadership and day to day management of the division.

US and global fund manager Vanguard appointed Nick Blake head of retail sales for its newly established UK office, a role in which he will be responsible for building the firm's business development and service team.

Independent London accountancy firm Dixon Wilson has hired Gareth Waterworth as a consultant from 6 April 2009. Mr Waterworth joins from BDO Stoy Hayward where he led the development of the private client group in the southern region of England. 

Pemberton Greenish, the London-based specialist property law firm, strengthened its private client team with the addition of Charles King-Farlow.

South Africa’s Standard Bank has appointed Andrew Donnell as head of risk for its private banking division.

In his new role Mr Donnell is based in London, assuming responsibility for risk for the private bank teams in London, South Africa, Jersey, Isle of Man, Dubai and Mauritius.

European investment management firm GAM, a subsidiary of Julius Baer, appointed Rupert Cecil as client director in its managed portfolios team in London. Mr Cecil joins from Credit Suisse Private Bank where he has worked since 2007 as a private client advisor with the UK finance market professional team.

UK private bank Kleinwort Benson appointed Jeremy Croysdill to lead its newly unified tax function. As head of tax services, Mr Croysdill oversees the provision of services ranging from tax compliance to tax advisory. He is based in London and reports to Natalie Merrens, head of product advisory.


Geneva-based Helvetica Wealth Management Partners made Roy Tashi the new executive chairman of its Australian subsidiary.

Jerker Johansson left his role as global head of UBS’s investment bank. He joined only a year ago after 22 years at Morgan Stanley.

Werner Peyer, one of the most senior private bankers at UBS, the Swiss bank, the firm said, without elaborating on details about his move, according to media reports at the weekend.

Switzerland’s Banque de Patrimoines Privés Genève, which was recently acquired by Norinvest, confirmed the appointment of Raphael Lilla as its new chief executive.

A top UBS alternative investments executive resigned from the Swiss bank. Alexander Ineichen, who worked at UBS for more than two decades, left the firm. Mr Ineichen served as head of industry research for UBS Global Asset Management’s alternative and quantitative investments team.

Switzerland’s BZ Bank Aktiengesellschaft named Nils Engel as its new chief executive, replacing Manuel Ebner who departs at the end of April. Mr Engel joined BZ Bank in 2000 as an equity analyst and for the last five years has lead the bank’s investment research team.

The directors of Geneva-based Banque Privée Edmond de Rothschild were joined by Baroness Benjamin de Rothschild and Veit de Maddalena.

Lausanne-headquartered Banque Cantonale Vaudoise hired Stefan Bichsel to head the bank’s new provisionally-named asset management and trading division.

EFG nominated two new directors for approval at the bank’s annual general meeting at the end of April. Apostolos Tamvakakis is the former chairman and chief executive of Greek property company Lamda Developments . Erwin Richard Caduff is the founder of ERC Consultants & Partners in Singapore.

North America

Goldman Sachs’ Mark Carhart and Ray Iwanowski, managing directors and co-heads of its quantitative investment strategy team, left the bank along with another member of their team, Giorgio De Santis. The trio took over the Global Alpha fund in 1997 and helped increase its size from less than $100 million to $10 billion in assets by 2006.

Rockefeller & Co, the New York-based wealth management firm, hired G Patrick Fox as a senior investment advisor. Mr Fox is be based at the firm's headquarters and report to Elizabeth Munson, managing director.

Union Bank, based in San Francisco, named Raymond Martinez a vice president of its private bank division. Mr Martinez also serves as a private banking relationship manager in the bank’s expanding legal speciality group, based in Los Angeles.

Smith Barney, Citigroup’s New York-based brokerage unit, recruited two teams of US financial advisors from Merrill Lynch and UBS.

Kia Friedman and husband Kenneth Friedman joined Smith Barney’s office in Palo Alto, California from Merrill Lynch Wealth Management, and now report to Cira Nickerson, branch manager. Meanwhile, William Ard and Roxanne Ricca, formerly with UBS, joined Smith Barney in Westfield, New Jersey. The pair now report to branch manager Todd Sachs.

Mike Corbat, the temporary chief executive of Citi Holdings, the business division of US banking giant Citi which includes its asset management, brokerage and local consumer finance arms, takes on this role on a permanent basis.

RBC Wealth Management, part of Royal Bank of Canada, continued its raid on UBS in the US with the hire of Alan Danielson and Robert Brown as vice-president-financial consultants for its Hunt Valley, Maryland office. Mr Danielson and Mr Brown join RBC Wealth Management from the Balitimore office of UBS.

Wells Fargo Wealth Management named six regional managing directors to lead its US east coast operations after the merger with Wachovia. The regional leaders report to Stan Gregor, head of the eastern markets for WFWM.

Bank of America chief executive Ken Lewis lost his role as chairman after a revolt by shareholders compelled the board to put veteran director Walter Massey in his stead.

John Dowd is regional managing director for the northeast, including Connecticut, Massachusetts, New Jersey and New York, based in New York City. He previously served as wealth management director for Wachovia Wealth Management in the region.

John Duchala is regional managing director for the Delaware and Pennsylvania region, based in Philadelphia. Previously, he served as senior regional manager for Wells Fargo Wealth Management in New York

Chicago-based Northern Trust appointed David Highmark managing director of its newly formalised Professional Athletes Division, which provides financial services for athletes, coaches, sports agents and franchise executives.

Simon Todd, continental European and global equity fund manager at Boston-based MFS Investment Management, left the firm to pursue other opportunities, a spokesperson told WealthBriefing.

RBC Wealth Management, part of Royal Bank of Canada, boosted its Princeton, New Jersey office with the addition of financial consultants Bruce Weinstein and Chris McLaughlin from Wachovia Securities.

Morgan Stanley hired Irl Solomon into its Private Wealth Management office in Miami as an executive director and investment representative. Reporting to Jon Mallon, manager of that office, he will be targeting ultra high net worth clients with a focus on southern Florida and Latin America.

Deborah Doyle McWhinney is the new head of Citi Personal Wealth Management, which includes the existing US network of Citibank branch-based financial advisors and other financial planning and wealth management services.

Smith Barney, Citigroup’s brokerage unit, lured a number of financial advisors from Wachovia, UBS, Merrill Lynch and SunTrust Investment Services.

Robert Mitchell, David Meadors and Michael Goodman were recruited from Wachovia Securities for Smith Barney's Plano, Texas office. According to the report, the team had $3 million in combined trailing 12-month production and managed $252 million in client assets while at Wachovia.

In Williamsburg, Virginia, Smith Barney hired Peter Kokolis, John Kokolis, Doug Myers, and Jeff Smith from Merrill Lynch Global Wealth Management, where the team had had $2 million in production and managed $386 million in client assets.

Meanwhile, Matt Shafer, Mark Barber, and Jeff Winkler, formerly of UBS, joined Smith Barney’s Boca Raton, Florida office. The team had $1.6 million in production and managed $275 million in client assets at the Swiss banking giant.

In addition, John Lewis and Joe Bartholomew joined Smith Barney in Richmond, Virginia from SunTrust Investment Services, a division of SunTrust Banks. At SunTrust, the pair had $2.2 million in production and $608 million in assets under management, the news service said.

US Bank Wealth Management hired Joel Black as its chief operating officer. He oversees operations in three units: Private Client Reserve, US Bancorp Investment, and US Bancorp Insurance Services.

A brace of private bankers in Credit Suisse’s San Francisco office, Don Trabert and Joe Asiano, who are reported to have close to a $1 billion book of business, joined UBS Private Wealth Management in the Bay Area of California.

New York-listed wealth manager Oppenheimer & Co, a unit of Oppenheimer Holdings, hired Shelby Tucker as a managing director and senior equity research analyst covering utilities and independent power producers. He reports to John Parks, managing director and director of equity research.

US fund manager Putnam Investments recruited Walter Donovan from Fidelity Investments to take up the role of chief investment officer.

Offshore law firm Ogier appointed Ray Wearmouth as a group partner in its British Virgin Islands office.

Mr Wearmouth rejoined Ogier after seven years at law firm Harney Westwood & Riegels in the BVI and Hong Kong, where he was an equity partner, head of the firm’s corporate department in the BVI and a member of the executive committee.

Jefferies & Co hired Markman (“Mark”) Peters as managing director and head of the firm’s wealth management group. He joins from SunTrust Bank, where he was most recently executive vice president and head of private wealth management, a business that included international wealth management, personal asset management and SunTrust Investment Services.

In a long-planned move, Chris Alderson took over as president and chief executive officer of T Rowe Price International following the retirement of David Warren.

RBC Wealth Management, part of Royal Bank of Canada, continued its US recruitment spree with the hire of former UBS team - which has more than $400 million in assets under management - for its Portland, Oregon office.

The team, known as Spence Partners, was founded in 1990 by Steven Spence, senior vice president-financial consultant, and has since evolved to comprise eight members.

Morgan Stanley will have majority control of the retail brokerage joint venture it is establishing with Citigroup’s Smith Barney, with MS staff in key roles, Morgan Stanley confirmed to WealthBriefing.

Morgan Stanley’s national sales head Andy Saperstein will run US wealth management for the combined firm, managing branch office sales, recruiting and professional development, according to an internal memo.

Michael Armstrong, Morgan Stanley’s global head of private wealth management, will play a similar international role and will also be responsible for bringing the Citi family office unit into the combined business.

Smith Barney winners include Paul Hatch, who will head investment products and markets, including the investment advisory services arm at Smith Barney and the consulting services group at Morgan Stanley, the memo said.

Craig Pfeiffer, at present running high net worth clients at Smith Barney, will manage marketing and “client experience” and Morgan Stanley’s product group head Doug Ketterer will be chief operating officer of the US wealth management organisation.

Bank of America Merrill Lynch made Steven Niemczyk part of the company's Global Corporate & Investment Banking business as global head of Asset Management Investment Banking. The appointment is effective from June.   

Asia Pacific

UBS Investment Bank appointed Andrew Brown as a managing director and head of financial institutions research, and John Tang as an executive director with primary responsibility for China H-share strategy.

Northern Trust, the US banking group, appointed Madhu Gayer head of Investment Risk & Analytical Services for asset servicing clients in the Asia-Pacific region.

In his new Hong Kong-based role, Mr Gayer is responsible for Investment Risk & Analytical Services client relations, sales and product development in the Asia-Pacific region.

Julius Baer, the Swiss private bank, hired two senior relationship managers in Singapore from Goldman Sachs and UBS as it expands its business of banking for Asia's rich in spite of the financial crisis.

Thio (Henry) Tjia Hin was most recently an executive director at Goldman's private wealth management unit and Cindy Tang was at UBS, where she was a director in its key clients team, the Swiss bank said in a statement.

HSBC Private Bank’s Global South Asian Diaspora team made Samrat Banerjee a senior vice president and head of relationship management at its operation in North India.

Credit Suisse appointed Lim Eng Guan as managing director and market leader for Singapore in the bank’s private banking division.

Deutsche Bank’s private wealth management unit made Wayne Yang its head of key clients in Southeast Asia, a newly created role, according to a statement. Mr Yang joined Deutsche from Merrill Lynch.

Deutsche Bank moved Paul Klug to be chief country officer for Mauritius. He took over from Mark Bisson, who is moving to the UK and will assume a new role yet to be announced.

Middle East

Abu Dhabi Islamic Bank appointed Hashim Al Zarooni as the regional head of private banking in the Northern Emirates. Mr Zarooni is based in Dubai and report to division head Abdullah Abdulrahman.

Hinduja, the Geneva-based bank formerly known as Amas, lured two directors from Barclays Wealth with managing directorships at its Middle East operation. At Barclays, Maneesh Dungarwal and Ali Khatau managed a team of bankers focused on building the UK bank’s private wealth business in MENA and South East Asia.


Paris-based private bank Oddo & Cie announced the departure of Laurent Mignon, one of its managing partners. Mr Mignon, to take up the chief executive position at corporate and investment banking firm Natixis, the role previously held by Dominique Ferrero.

UniCredit Group’s Andreas Wölfer succeeded Marina Natale as head of its private banking division on 1 May.

Fortis Investments, the asset-management arm of Fortis Bank, hired a senior investment manager for its infrastructure fund. Wael Elkhouly, formerly a senior manager at Citi's infrastructure advisory group, joined Fortis Investments as head of asset management at the group's global infrastructure fund.

International law firm Freshfields Bruckhaus Deringer said Stephan Eilers was to succeed Murray Clayson as head of its global tax practice with effect from 1 May.

Geneva-based Société Bancaire Privée named two new board members. Both were from higher up the organisation: Nicolò Angileri is a director seconded from SBP’s owners since 2007, Banca Profilo of Milan; Giacomo Garbuglia is with private equity group SATOR which took over Banca Profilo in February this year. Two current directors stood down: Gaetano Galeone and Pierre-André Béguin.

Dutch banking group Rabobank made three appointments aimed at integrating all trading, structuring and engineering of structured products across all asset classes. Jasper van Wel was appointed European head of client structured products, Xavier Ducros was named European head of structuring and Franz Maier is global head of financial engineering.

Northern Trust named Revel Wood head of client service and business development, as well as deputy managing director for its Luxembourg office.

Liechtensteinische Landesbank, which is majority-owned by the Principality of Liechtenstein, announced that Angelica Bienz, head of the group’s internal audit department, has resigned with the intention of setting up her own business.

JP Morgan appointed Håkan Strängh as its new market manager for the US firm’s private bank in Germany with immediate effect, joining from Goldman Sachs.

Latin America

London fund manager Threadneedle confirmed to WealthBriefing that Katy Dobson, manager of its Latin America Fund, left the company following a restructuring of the research responsibilities across the Global Emerging Markets and Asia Equities teams. Ms Dobson will make an announcement on her future plans in due course, a spokesperson said.


Cayman Islands law firm Conyers Dill & Pearman hired Elizabeth Denman, Callum Harper and Anton Goldstein as associates to the firm’s corporate team. Ms Denman and Mr Harper joined the Bermuda practice and Mr Goldstein joined the firm’s British Virgin Islands practice.

India-based Axis Bank, which is involved in sectors including wealth management, appointed ICICI Group's Shikha Sharma as new managing director and chief executive, after the previous holder of these posts, PJ Nayak, quit in protest after being overruled by the bank's board.

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