People Moves

Summary Of Global Moves In Wealth Management For March 2023

Editorial Staff 18 May 2023

Summary Of Global Moves In Wealth Management For March 2023

March was a busy month for moves and appointments. Without a doubt, the return of Sergio Ermotti as CEO of UBS, as that bank embarks on its acquisition of Credit Suisse, was the biggest story. But there were plenty of others...

By far the largest move in March was when UBS decided to bring back former CEO Sergio Ermotti, a Swiss national, to the post. Ermotti, who was chief executive of UBS for nine years until 2020, had guided the bank from the crisis period of 2008 to 2009 when UBS was itself under pressure. Ralph Hamers, who had been CEO since November 2020, stepped down. Ermotti was chairman of Swiss Re.

Comgest, a global long-term quality-growth equities manager, appointed Jane Russell as head of responsible development and Yemareshet Gemeda as an ESG specialist, both based in Paris. Working alongside Comgest’s head of responsible investment Sebastien Thévoux-Chabuel, Russell focuses on collaborative engagements, industry initiatives, evolving RI policies and oversight of all ESG communications. She is already a member of the firm’s Sustainability Committee and DE & I Working Group. With more than 23 years of industry experience gained in Australia, Ireland and France, Russell joined the ESG team after working for the past 10 years as Comgest’s head of global consultant relations and UK investor relations. Prior to joining Comgest, Russell spent over 10 years in investor relations, business development and finance roles at firms including Antin Infrastructure Partners, PIM Gestion France, Warakirri Asset Management and PricewaterhouseCoopers. 

Calastone appointed Brian Godins as chief commercial officer. Reporting to Julien Hammerson, CEO, Godins brings 30 years of global experience within the financial services industry. Godins’ most recent role was leading HSBC’s Securities Services division for Asia-Pacific and the Middle East, Calastone said in a statement. Calastone’s Ross Fox moved from Singapore to the UK as managing director, head of UK and Europe. 

Justin Christopher was appointed as managing director, head of Asia, based in Singapore; he was previously based in Sydney. Teresa Walker continues to lead the business in Australia and New Zealand. Calastone’s Ed Lopez moved into a newly-created role as president of Money Market Services.

Ranjit Khanna joined Bank of Singapore as its Global Market Head of Middle East and chief executive of its Dubai International Financial Centre (DIFC) Branch. Khanna, who succeeded Alexandre Lotfi, joined the Asia-headquartered bank from Union Bancaire Privée, where he was its chief executive for Singapore. Before this, he was MD, head for Southeast Asia, Middle East and global NRI business at Coutts for almost six years.

Liechtenstein-based VP Bank Group appointed Dr Mara Harvey, head of Region Europe and CEO of VP Bank (Switzerland) Ltd, and Dr Rolf Steiner, head of Group Products & Solutions, to join its group executive management (GEM). Dr Harvey has been CEO of VP Bank (Switzerland) Ltd since 1 January 2023. The graduate economist with over 20 years of experience in the wealth management industry is additionally responsible for the region of Europe, which includes the Zurich as well as the Luxembourg location. Dr Steiner joined VP Bank Group in October 2019. Tobias Wehrli, head of Region Liechtenstein and BVI, left the GEM to take on a new challenge. 

The chairman of Credit Suisse’s largest shareholder, Saudi National Bank, resigned days after his comments helped prompt a slide in the Swiss bank’s stock, leading to the eventual takeover by UBS a week ago. Ammar Al Khudairy, who became chairman of SNB in 2021, left due to “personal reasons.” Al Khudairy said in an interview that Saudi National Bank would “absolutely not” be open to further investments in Credit Suisse if there was another call for additional liquidity.

The Financial Conduct Authority appointed Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight. Mark Steward, who stepped down as the FCA's executive director of enforcement and market oversight, left in April. Chambers has worked at the FCA for over 20 years, mostly in enforcement, including as director of retail and regulatory investigations. Smart joined from the National Crime Agency, where he sits on the executive committee as director of intelligence, leading a division of over 2,000 people. 

BNY Mellon Investment Management appointed Richard Parkin as head of retirement, a newly-created role within BNY Mellon IM EMEA. Parkin reports to Michael Beveridge, head of UK intermediary distribution at BNY Mellon IM. Parkin has over three decades of experience in the retirement space. He joined from Richard Parkin Consulting, an independent consultancy he founded in January 2018 where he helped asset managers, pension providers and others respond to the rapidly changing retirement environment. Prior to this, he spent 15 years at Fidelity International.

Indosuez Wealth Management appointed three senior figures: Delphine Di Pizio-Tiger, global head of asset management; Alexandre Drabowicz, chief investment officer; and Vincent Manuel, deputy chief executive officer in charge of development for Indosuez Europe.

Quilter Cheviot appointed Oswald Oduntan as a new investment manager. Oduntan works in the Quilter Cheviot Managed Portfolio Service (MPS) team, led by Simon Doherty, head of MPS, and Antony Webb, deputy head of MPS. Oduntan joined from Columbia Threadneedle Investments, where he worked as a fund manager assistant, responsible for equity research and building and developing tools to support portfolio construction, asset allocation and performance.

Solomon Capital Holdings appointed Phil Wagstaff as non-executive director and chairman of Solomon Investment Management (SIM), the parent company of YOU Asset Management Limited. Wagstaff has over 35 years’ industry experience, during which time he has served on the executive committees of a number of leading UK and international asset managers.

LeapFrog Investments, the profit-with-purpose investment firm, appointed Rob Leary as a senior advisor to the CEO and leadership team. Leary, who was the CEO of Nuveen as well as the CEO of the Olayan Group, serves on the board of directors of Intact Financial Corporation, RSA UK & International, and Citizens Financial Group. He is a founding member of The Council, a consulting firm that provides confidential advice and counsel to senior executives. Leary is also chairman of the National Forest Foundation.

GAM Investments announced changes to its systematic teams. Chris Longworth, who joined the firm in 2010, was appointed head of GAM Systematic and Danny Dhingra joined the Systematic Core Macro team, reporting to Longworth.

ZEDRA appoointed Jon McKay as global head of legal. McKay reports to ZEDRA CEO, Ivo Hemelraad. Most recently, McKay served as managing director and head of business solutions of TrustQore in Switzerland, a role in which he was responsible for the oversight and management of the Swiss office and the establishment of the TrustQore brand in both Switzerland and Western Europe. He is based in ZEDRA’s Manchester office.

Azqore, a digital service provider for wealth managers, and part of Indosuez Wealth Management, appointed Pierre Masclet as its chief executive. Based in Lausanne, Switzerland, Masclet is a member of Indosuez’s management committee and reports to Jacques Prost, chief executive of Indosuez. He succeeded Pascal Exertier, who retired. Masclet, who has more than 30 years of experience in wealth management within the group, began his career at Banque Indosuez in 1992.

UK private bank Hampden & Co named John Glanville as a banking director in its London office. He reports to Mark Prentice, head of banking, and works alongside the banking teams in Edinburgh and London. Glanville was previously at Kleinwort Hambros where he spent more than 10 years, most recently in the Ultra High Net Worth team as a private banker. 

The Swiss Embassy in the UK appointed Excello corporate and commercial lawyer Gitta Altmann as its official legal advisor. Qualifying in 1997, and additionally admitted to the New York Bar in 1998, Altmann is an English and German speaker with 25 years’ experience of acting for UK and international clients. The focus of her practice is on business acquisitions and disposals, joint venture and shareholders’ agreements, commercial agreements, capital reorganisations and restructures. She has particular expertise in advising global clients on setting up operations in the UK.

Stonehage Fleming, an international multi-family office, appointed Sarah Bartram-Lora Reina as a trustee director in the Jersey Family Office Division, reporting to Richard Stride, head of Family Office Jersey. Bartram-Lora Reina has over 30 years’ of experience in the financial services industry covering retail, private and investment banking, as well as trust and corporate services. She has joined from Ocorian Limited, where she was an executive director. Prior to that, Sarah was a client director at Zedra Trust Company (Jersey) Limited (formerly Barclays Private Bank & Trust Company Limited). 

Claire Strecker also joined Stonehage Fleming’s Jersey Family Office team as a director in risk and compliance. Strecker has joined from Hawksford where she was a fund compliance manager. Additional hires included: Ashley Correia, client relationship manager; Kim Wink, compliance manager; and Henry Mehigan as senior client accountant.

Investor services group IQ-EQ appointed Ilias Georgopoulos as global head of private and institutional asset owners. Georgopoulos has over 25 years’ financial services experience, including more than a decade at senior leadership level and with responsibilities spanning the US, EMEA and APAC. Most recently, he was CEO of Credit Suisse’s MultiConcept Fund Management SA in Luxembourg, where he was responsible for driving growth initiatives, supporting cross-product, cross segments’ development and enabling service evolution. Georgopoulos is based in Luxembourg, reporting to IQ-EQ’s group chief commercial officer, Emma Crabtree.

atomos, an advice-led wealth manager, appointed Rob Lambert as a senior portfolio manager based in its Lymington office. Lambert joined from WH Ireland, where he had worked for a decade. He became a qualified investment manager in 2005 and is a Chartered Fellow of the Chartered Institute of Securities and Investments.

Sanlam Investments appointed Ben Hall as a sales director in its wholesale team. Hall was most recently at Atlantic House, where he was a senior sales executive for two years, with coverage across discretionary fund managers, managed portfolio service managers, larger IFAs, asset managers, private banks and family offices. He reports to Tom Conquest, head of sales – UK wholesale, with a mandate to grow the boutique asset manager’s relationships with DFMs, MPS managers, and larger IFAs.

Stuart Steven will retire from fund management in September 2023 after developing a fixed income team within the Lionstrust sustainable investment team over the past decade. Aitken Ross, Kenny Watson and Jack Willis will continue their roles as lead managers of the Liontrust sustainable future corporate bond and sustainable future monthly income bond funds.

Investment fund data and technology FE fundinfo appointed Juan Lopez-Valcarcel as its new interim chief operating officer. Based in London, Lopez-Valcarcel brings over 20 years’ experience in transforming and scaling data and software businesses. Most recently, he was chief operations transformation officer for data analytics and market research firm Kantar, backed by Bain Capital Private Equity.

LGT Wealth Management, part of LGT, the international private banking and asset management group, appointed Ben Palmer as lead portfolio manager for its sustainable service offering which is designed for financial advisors. Palmer joined from Brooks Macdonald where he was head of responsible investment, co-ordinating investment research, portfolio construction, reporting and communication outputs, and driving business development with the advisor community.

Credit Suisse named Dr Maximilian Wolters as a managing director and senior relationship manager in Germany. Dr Wolters is based in Frankfurt and reports to Sven Stephan, head for the Wealth Management Germany Domestic business. Dr Wolters, who has spent 18 years supporting UHNWI clients, joined from Citi Private Bank where he was the lead banker responsible for Germany and Austria. Prior to Citi, he worked at Edmond de Rothschild as head Wealth Management Germany. He has also worked at Sal. Oppenheim, Julius Baer and UBS Wealth Management.

Mourant, a law firm-led professional services business, appointed two new partners to join its Guernsey and Jersey teams. Sandra Duerden, a member of the Guernsey Litigation practice and James Daniel, from the firm's Jersey-based Finance and Corporate practice, were promoted with effect from 1 February.

Duerden joined Mourant in 2006 as a paralegal. Since qualifying in 2010, she has specialised in commercial litigation and contentious trusts disputes. Duerden, who is an experienced advocate, has a particular interest in cross-border disputes or those having international law aspects, as well as insolvency and regulatory matters. Daniel, who started at Mourant in 2008 as a legal assistant, now focuses on banking and finance law. He has extensive experience advising both borrowers and lenders on a diverse range of cross-border banking and finance transactions.

Fulcrum Asset Management appointed Lisa Gordon as a non-executive board member to provide independent advice to the board. Gordon has over 25 years of board experience incorporating both executive and non-executive roles. She sits on several boards including those of the JP Morgan Mid Cap Investment Trust Plc, Cenkos Securities plc (of which she is chair) and the M&C Saatchi Group, among others.

Anke Bridge Haux, head of personal and business banking and a member of the executive board of Credit Suisse (Switzerland) Ltd, decided to take on a new role as CEO of LGT Bank (Switzerland) Ltd, part of LGT Private Banking. Bridge Haux starts on 1 September 2023, and becomes the CEO of LGT Bank Switzerland with effect from 1 November 2023. Her successor will be named in due course. In the meantime, Michael Sager, COO of P&BB, took over the leadership of the business area ad interim.

Charles Russell Speechlys appointed Ziva Robertson as a partner within the firm’s Private Wealth Disputes team. Robertson was previously with McDermott Will & Emery, where she co-headed the London Private Client group.

Saffery Champness appointed James Stevens as partner to boost its team in Peterborough. Stevens was previously at Deloitte, where he headed up the private client team in the Eastern region, along with leading its UK trust business and played a key role in its Channel Islands private client business.

Guinness Global Investors promoted Sam Wildy to chief financial officer and named Deepti Balloo as head of compliance. Wildy, who joined Guinness in 2020 as deputy CFO, has more than 16 years’ experience in the financial services industry, primarily in wealth and investment management. Before Guinness, Wildy was the group financial controller and then head of financial strategy and funds at Foresight Group. Balloo has over 16 years’ experience in the investment management industry. Before joining Guinness, Balloo worked as a senior compliance officer at Troy Asset Management Limited for 10 years. They are both based in London.

International law firm Bedell Cristin appointed two lawyers to join its International Private Client team based in its Jersey and London offices. Kim Manley was recruited as a senior associate in London. Manley, who has more than 10 years’ experience, began her career in Zimbabwe where she specialised in private client matters before moving to Guernsey where she worked most recently for Babbé LLP. She has qualified as a solicitor in England and Wales. Isabelle Russell was appointed as an associate in Jersey. Russell previously worked in New Zealand where she qualified as a solicitor and worked for seven years with McVeagh Fleming in Auckland.

Butterfield appointed Kim Morgan-Carvalho as deputy managing director for trusts, Butterfield Switzerland. Morgan-Carvalho has worked in a fiduciary capacity for more than 20 years, having originally started her career in Butterfield’s Bermuda office, before moving to Geneva. In her new role, she works with Phil Lenz, who was promoted to MD of Butterfield Switzerland. 

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