People Moves

Executive Moves - November 2009

3 December 2009


A roundup of the moves in the private banking and related field during the past month. November witnessed big appointments at firms such as Credit Suisse.


The London-listed hedge fund company, RAB Capital, has appointed a former senior executive at the UK’s tax authority, Philip Moore, as a non-executive director. Besides holding the role of chief executive and group finance director of Friends Provident, the insurance firm, he has been chief financial officer of HM Revenue and Customs. He has also worked at AMP, NPI,  PricewaterhouseCoopers and Mercer. Mr Moore is currently group finance partner with Pension Corporation.

Veritas Asset Management, has appointed former UBS-man Guy Davidson to the newly-created position of UK regional discretionary sales manager. For the last seven years, Mr Davidson was regional sales director at UBS Global Asset Management, building the profile of the bank's UK wholesale team.

UK private bank Brown Shipley has appointed Tim Meikle as intermediary development director – a hire which the firm said is part of its ongoing growth strategy and underscores its commitment to the intermediary sector.

Mr Meikle, who held a similar position at UBS, now works in Brown Shipley’s development team, which is headed by Ian Rogers.

Deutsche Bank Private Wealth Management has appointed Kevin Lecocq – formerly chief investment officer at Barclays Wealth – as a managing director and head of global investment solutions.

London-based Vestra Wealth confirmed that Julian Goodman – formerly of UBS – has joined the firm as senior partner.

Trafalgar Capital Management has named a new partner.

Josh Jacobson has been appointed as partner and senior manager, and will work alongside Chris Aarons, founder and chief executive, and Arjuna Gamage, senior portfolio manager, on the Trafalgar Trading Fund. 

Prior to this appointment Mr Jacobson worked for Cheyne Capital, managing a European Long/Short equity portfolio for the Cheyne Value Fund.

Execuzen, the financial job recruiter which recently announced the launch of a new wealth management practice, has added to the group with the appointment of Julia Reece as a senior research consultant.

Ms Reece has previously worked as a research consultant at the real estate search firm, Buckley Pritchard International, at its international development and investment team.

UK investor syndicator Hotbed has named Georgina Barber as head of client services, an appointment which comes as the firm reports rapid growth in the number of high net worth individuals among its members.

Ms Barber joins Hotbed from BT Global Services’ Global Banking where she was a strategy specialist managing the firm’s relationships with corporate clients, such as investment and retail banks.

The Society of Trust and Estate Practitioners has named Michael Young as its new chairman amid a series of significant appointments.

Mr Young, who has been STEP’s deputy chairman since 2006, is a director within the private client department of Bath-based Thring Townsend Lee & Pembertons and heads the law firm’s trust and tax team.

Delmore, the UK-based asset management firm, has appointed Peter Stanyer as head of its newly created private wealth strategic advisory service.

Delmore Strategic Advisers will be jointly headed by Mr Stanyer and Howard Goldring, the firm’s chairman and founder, Delmore said in a statement.

London-based investment advisory firm Plurimi Capital, which serves ultra high net worth and institutional clients, has continued its recent hiring spree with the appointment of Hesham Mostafa.

Mr Mostafa joins Plurimi as director for the Middle East and is charged with leading the firm’s efforts in Saudi Arabia and Egypt, countries which he also covered in his prior role at Barclays Wealth. Before his three-year spell at Barclays Wealth Mr Mostafa was the managing director of an asset management firm in Saudi Arabia.

C Hoare & Co, the venerable UK private bank, said it has recently appointed Robert Jeffree from New Star Asset Management to take up the role of heading the bank’s fund selection process.

Mr Jeffree was formerly a fund manager of the New Star Asia portfolio as well as an analyst in New Star’s fund of funds team.

Stanhope Capital, the UK-based multi-family office, has appointed two senior executives following an expansion of its client base.

Rupert Mahon has been named chief operating officer while Jean-Marc Choblet has been given the dual role of chief operating officer and senior client advisory director.

Mr Mahon joins from Dalton Strategic Partnership, the London-based independent investment manager, where he was a partner and member of the management committee.

Mr Choblet previously worked for JP Morgan as a vice president. 

Former Insight manager Eugen Fostiak and ex-UBS Wealth Management director Gideon Nell are to join UK-based Armstrong Investment Management as partners.

Four partners at LG, the international law firm formerly known as Lawrence Graham, are leaving to create a private client boutique business, according to Citywire.

Glenn Hurstfield, Tim Thornton Jones, Alex Ruffel and Nick Rucker are in the process of securing office space in Berkeley Street for the new practice, which will trade under the name Berkeley Law.

UBS has bolstered its UK wealth management research team with the transfer of strategist Mark Bulsing from its investment banking arm, WealthBriefing has learned, while Close Asset Management has named Steven Mendel as its head of wealth management.

Mr Bulsing has joined UBS’s London wealth management research team as a macro investment strategist - a newly created role - having previously been head of European quantitative research at UBS Investment Bank for the past ten years.

Geneva-based private bank Lombard Odier has recruited Edward Goodchild, formerly of Coutts, as a senior private banker focusing on UK-based entrepreneurs.

Meltem Cagan, team head of the Turkish desk at Citi Private Bank in London, has left the bank.

Yorkshire Bank yesterday announced two key moves which saw Kath Myers, previously regional director for international financial solutions (IFS), promoted to divisional director of IFS payment solutions, and Richard Norrington fill her role as regional director - a position which includes responsibility for private banking services.

Standard Life Wealth, a subsidiary of Edinburgh-based insurer Standard Life, has appointed James England as senior business development manager.

Mr England was most recently a director and client advisor at UBS, where he was responsible for building and managing relationships with IFAs.

UK-based Neptune Investment Management has appointed Robert Pickering, former chief executive of Cazenove and JP Morgan Cazenove, to its board of directors as the firm’s fourth non-executive director.

Lazard, the US-listed wealth management business which recently suffered the death of its chairman and chief executive Bruce Wasserstein, has appointed an insider to fill the top position.

Kenneth Jacobs has been named chairman of the board of directors and chief executive officer, replacing Steven Golub, vice-chairman of Lazard and chairman of its financial advisory group, who stepped in as interim chief executive when Mr Wasserstein died on 14 October.

Newton Investment Management, which is a subsidiary of The Bank of New York Mellon, has promoted Simon Pryke as head of its private investment management division in an appointment which will also see him join the firm’s board of directors.

A former UBS employee, Jonathan Taylor, has been appointed managing director, financial services at HM Treasury, the UK’s governmental body responsible for financial and economic policy. Between 2002 and 2005, he was a managing director at UBS.

London-based Williams de Broë, the private client wealth and brokerage subsidiary of investment management business Evolution Group, has appointed a new chief executive officer.

Begining early next year, Philip Howell will head up the group’s expanding private client business, reporting to Evolution Group chief executive Alex Snow. Mr Howell joins from Fortis where he was regional chief executive. Prior to that, he worked as director of strategy and corporate development for Barclays Wealth.

Investment Solutions, the provider of multi-manager investment portfolios which is part of the Alexander Forbes Group, has appointed David de Bruin as chief executive of its UK operations.

Boodle Hatfield, the UK private client law firm, has bolstered its contentious private client team with the appointment of William Twidale as partner. Mr Twidale, who will join Boodle Hatfield’s 30-strong private client team on 1 December, is currently a partner in the disputes team at Farrer & Co.

Saxo Bank, the Denmark-based international online trading and investment firm which also provides services for high net worth clients, has appointed Tom Hougaard as market commentator for its financial spreads division.

In this London-based role at Saxo Bank Financial Spreads, Mr Hougaard will be responsible for twice daily market commentary notes covering both fundamental and technical movements in the financial markets as well as providing press comments.

Barclays Wealth has made a number of top-level changes to the management of its UK and Ireland private banking business, this publication can exclusively report.

The firm has appointed David Semaya as the new head of its UK and & Ireland Private Bank, replacing Mark Kibblewhite, who is retiring from the UK firm next year, although he will remain as part of Barclays Wealth’s advisory board.

Meanwhile, Sir Nigel Rudd has been named chairman of the UK & Ireland Private Bank. Sir Nigel succeeds Lord Fellowes, who is to step down at the end of the year after 10 years in the position.

Syndicate Asset Management, a UK group of independent wealth advisors, has hired Mark Cheshire, a former Lloyds wealth management executive, as chief executive for its recently-created Ashcourt Rowan businesses, which are due to be formally launched in January 2010.

Coutts & Co, the UK private banking arm of the Royal Bank of Scotland, has appointed Paul Johnson as managing partner for Coutts in the Thames Valley and East Anglia region. In his new role Mr Johnson will be responsible for the Oxford, Reading, Milton Keynes, Cambridge and Norwich offices.

Standard Bank, South Africa’s banking group has appointed Phil Rose as senior portfolio manager for its Jersey-based advisory stockbroking team. Mr Rose, who has 20 years of private client experience, will be responsible for managing the assets as well as wealth creation for international private clients. He joins the company from HSBC

Moscow Bank for Reconstruction and Development, a Russian bank with a private banking division, and the Central Bank of the Russian Federation have jointly appointed Oleg Kapitonov as chairman of MBRD. Mr Kapitonov joins the bank from K&S Capital Management, which manages a group of funds and provides multi-family office services, where he was a managing director as well as a founder.

James Peterson is rejoining UBS in the UK as a senior client advisor within its ultra high net worth division. Mr Peterson was most recently a partner at MaxCap.

Deutsche Bank has named a new sales head for its exchange traded funds service.

Nick Shellard has been appointed UK head of ETF sales and joins Deutsche Bank from iShares, the ETF business owned by Barclays Global Investors, where he was head of sales for the UK and Switzerland.

A vice president working in the Africa team of Barclays Wealth, Susan Birch, has left the UK-based firm.

Scottish Widows Investment Partnership has appointed Andrew Tunks as interim director of fixed income.

Mr Tunks, most recently head of fixed income and global macro at Old Mutual.

Credit Suisse has poached one of the most senior UBS wealth managers in London to head its ultra-high net worth team. Ian Dembinski has stepped down from his role as managing director and senior client advisor at UBS’s UK wealth operation.

Swiss-private bank Vontobel Group has made three new appointments to its UK brokerage business.

Matthew Thomas, Stuart McCandlish and Leland Timblick will join the London office of Vontobel’s brokerage service, which provides institutional brokerage services including independent equity research of Swiss and selected European companies, investment expertise and leading edge execution capabilities.

Joining from Cheuvreux, Mr Thomas has been appointed head of sales trading to UK clients, while Mr McCandlish has been named senior salesperson.

Mr Timblick has also been made a senior salesperson and comes from Bank AM Bellevue. All three will report to managing director Robin Bagchi.

Arbuthnot Banking Group has appointed Dean Proctor as the chief executive of its private banking division, Arbuthnot Latham. Mr Proctor takes over from Mike Bussey, who is stepping down personal reasons but will remain as vice chairman, the firm said in a statement.

Mr Proctor, 38, was appointed to the Board of Arbuthnot Latham in July this year as deputy CEO and head of private banking. Previously, he was at Citibank for three years and most recently was managing director of wealth management and retail banking.

Heartwood, the independent UK wealth manager, has appointed Giles Peel as head of investment communications – a newly created, London-based role. Mr Peel joins Heartwood from UK private bank Coutts, where he was head of investment communications.

UK wealth manager St James’s Place has unveiled its new chief investment officer as well as two new appointments to its investment committee.

The newly created CIO role has been given to Chris Ralph. Prior to this appointment Mr Ralph had worked on funds of funds for Fortis Asset Management, before setting up asset management boutique Maia Capital, a joint venture with Ignis Asset Management.

Vivian Bazalgette and Peter Dunscombe will join the committee, which is responsible for the selection, monitoring and replacement of fund managers used by St. James’s Place. Since the company does not employ its own investment managers the Investment Committee, chaired by Sir Mark Weinberg and advised by independent investment consultants Stamford Associates, is responsible for contracting managers and advisors.

UK-based accountancy James Cowper has expanded its private client team in Reading with the appointment of tax specialist Sarah Robert as senior manager.

UK-based investment company Martin Currie is expanding its global equities team with the addition of Christine Montgomery and Neil Robson, both of whom will join the firm by the end of the year.

Barclays, the parent of Barclays Wealth, has restructured its businesses into new units, in a move that sees the surprise departure of Frits Seegers, the chief executive of its retail and commercial arm.

The UK-listed bank announced yesterday that its new Corporate and Investment Banking and Wealth Management unit will include its Barclays Capital unit, commercial bank and wealth management activities and will be overseen by group president Bob Diamond.

Nemesis Asset Management, formerly known as Ambix Capital, has appointed a former Lehman Brothers business head to lead its UK asset management operation.

Based in London, Robert Sargent will manage and develop the business and will report to Pier-Alberto Furno, chief executive of the asset management business, who worked with Mr Sargent at Lehman brothers and oversees Nemesis' London and Monaco offices.

JP Morgan Asset Management has hired three senior portfolio managers from Fortis Investments in a move to expand its emerging market debt team.

Michal Wozniak, Didier Lambert and Alain Defise join the firm as senior portfolio managers located in London, reporting to Bob Michele, the firm’s global chief investment officer for fixed income.

Latin America

JP Morgan Chase expanded the role of Claudio Berquo, head of its Brazilian private bank, to include responsibility for its investment banking, asset management and treasury and securities services businesses in the country.

 Mr Berquo, a 15-year veteran at JP Morgan, was previously responsible for the bank’s Brazilian wealth management business.

Morgan Stanley Private Wealth Management has hired a team of six to serve ultra high net worth families in Latin America, with a focus on Venezuela, Chile, Colombia, Peru, Bolivia and Mexico. Based in New York, the team includes three private wealth advisors, executive directors Maria Lipton, Juan Larrain and Pablo Granja. They will be joined by vice presidents Lisa Markowitz and Helena Astor, plus Tatiana Dominguez. All six join from UBS and will report to Fabian Onetti, managing director of MS PWM.

Middle East and Africa

UK-based broker and wealth manager Killik & Co strengthened its two year-old team in the Dubai International Financial Centre. Dan Dowding was promoted to chief executive officer (Middle East and Asia). He was previously private client partner responsible, the firm says, for one of the firm’s most successful branches in the UK.

Mr Dowding is supported by Kashif Arbab, who will continue in his role as managing director (Middle East and Asia). SG Private Banking reinforced its presence in the Middle East by appointing two new senior managers.

The managers are Eddy Abramo as chief executive of SG Private Banking (Middle East) and Eric Lorentz as managing director and global market manager for Arab high and ultra-high net worth clients. Lloyds TSB International Private Banking has appointed Nigel Putt as head of private banking, Middle East, at Lloyds TSB IPB in Dubai.

The Bank also appointed David Tunbridge, who will lead the Middle East team in Geneva, and Nader Goodarzi who will become a senior relationship manager in the Geneva team. Invesco Asset Management, part of Invesco, the independent global investment management firm, has hired Zainab Kufaishi as institutional account manager for its Dubai-based Middle East operations from Fidelity International.

Ms Kufaishi joined the firm’s Dubai office from London, where she worked in the Middle East institutional marketing and UK institutional sales and marketing teams for Fidelity International.

Credo, the UK-based wealth management group specialising in stock broking and asset management, has appointed Dean Noik to manage its new South African office. To support an expanded regional client base the company opened a Cape Town office. Prior to this appointment, Mr Noik worked for Investec Private Bank, where he focused on private client investment banking.


The private banking arm of JP Morgan recruited Somo Rao, formerly a managing director at Citigroup, to manage and oversee its fixed income, currency and commodity businesses in Europe, Middle East and Africa across both the discretionary and non-discretionary platforms.

Mr Rao, previously head of Citigroup's global fixed income structured investments business, is based in London, reporting to Brian Carlin, global head of fixed income currency and commodities at JP Morgan Private Bank.


Barclays Wealth, the wealth management arm of UK Barclays Bank, appointed Richard Corneau as a private client investment representative (financial advisor) for its New York office.has made a new private client appointment to its New York office.

Prior to this appointment, Mr Comeau worked for Goldman Sachs focusing on sophisticated private investors whose trading activity is similar to that of small institutions.

Dexia Asset Management appointed Jean-François Milette as vice president and senior relationship manager of its Canadian operations.

Mr Milette joins Dexia from MFC Global Investments, where he worked as vice president of institutional investments for eastern Canada.

Lyxor Asset Management, a wholly-owned subsidiary of Societe Generale, hired Michael Bernstein to develop Lyxor's relationships with US-based consultants and institutional investors, including pensions, endowments and foundations.

He will be based in New York and report to Lionel Erdely, Lyxor's chief executive for the US.

Mr Bernstein was previously head of North American marketing for FRM Americas, where he served as lead relationship manager and marketed hedge fund strategies to the firm's North American clients.

Investors Capital Corporation, the broker-dealer business of New York-listed Investors Capital Holdings, appointed James Crosson as a financial advisor.

Mr Crosson was previously affiliated with a San Diego-based independent broker/dealer.

Diversified Trust Company appointed Elizabeth Snyder to its Atlanta, Georgia office. She was previously national director of philanthropy and a senior member of the wealth advisory practice for Genspring Family Offices.

Earlier in her career, Ms Snyder served as a private client advisor for Wilmington Trust and as a trust officer in the endowment and foundation division of SunTrust Bank.

Steve Bodurtha was appointed by Citi Private Bank as managing director and head of investments for North America. In this role he will be responsible for managing the investments platform for Citi Private Bank across the US and Canada.

Mr Bodurtha will report to both Peter Charrington, chief executive of Citi Private Bank in North America and Shantanu Rastogi, global head of investments.

Mr Bodurtha joins from Bank of America Merrill Lynch where for many years he was head of investment products for Merrill Lynch Wealth Management. Most recently, he was head of institutional retirement, philanthropy and investments.

Duncan-Williams, the Memphis-based financial brokerage and investment firm, recruited three managers to its private client group: Rob Browne, Pete Hammond and Ned Laughlin.

Mr Browne, has joined as financial advisor, having recently worked at Morgan Keegan. Mr Hammond joins as an account executive, having previously worked for firms including Centerline Capital Group, KeyCorp and Central Park Capital. Mr Laughlin will serve as an investment advisor, having previously worked for firms such as Wunderlich Securities.

The new hires will report to Trey Fyfe, executive vice president of the private c0lient group.

Japan-listed Nikko Asset Management appointed Michael Herring as chief operations as well as a chief financial officer for firm’s US operations, based in New York.

In his new dual role, Mr Herring will be fully responsible for the financial, administrative and operational sides of firm’s US operation.

Mr Herring joins the company from Bay Harbour Management, where he was chief financial officer and head of risk management. Prior to this, he spent eight years at LaBranche & Co, where he latterly occupied position of chief risk officer.

Wealth manager Wilmington Trust hired Jack Sawyer, Michael Mohr and Todd Tautfest to fill senior roles in the company’s Wealth Advisory Services business in the southeast region of the US.

Mr Sawyer was named managing director and president of the southeast region for Wilmington Trust FSB.  He is joined by Mr Mohr as managing director and head of investment advisory activities and Mr Tautfest as managing director and head of business development in the region. 

All three join from the Atlanta office of BNY Mellon, which in 2003 acquired the Arden Group, of which Mr Sawyer and Mr Mohr were founding principals.

Wilmington has made a number of appointments in recent weeks. For example, it has appointed Linda Bourn has been hired as a managing director in its wealth advisory services business, joining from Clearbrook Partners, a family office firm.

First Hawaiian Bank realigned its top executive team, covering segments such as wealth management.

Robert Harrison, who has been at the firm since 1996, took up the post of president and chief operating officer; Raymond Ono was appointed as vice chairman and chief banking offices, with segments of responsibility including wealth management, as well as business and retail banking. Mr Ono has worked at the bank since 1978.

Other members of the management team include Robert Fujioka, vice chairman and chief lending officer; Albert Yamada, vice chairman, CFO and chief administrative officer, and Gary Caulfield, vice chairman and chief information officer.

The head athletic trainer for the Cincinnati Reds baseball team, Mark Mann, is to join Morgan Stanley Smith Barney as a financial advisor. His remit at the firm will be to work with current and former Major League players, reports said.

James Hillman was named managing director – portfolio management for BNY Mellon Wealth Management’s southern California region.

Mr Hillman will oversee the region’s client service teams in Los Angeles and Newport Beach and will help set wealth management strategies and manage investment portfolios for high net worth clients. He will oversee 40 employees and report directly to regional president David Emmes.

Mr Hillman is moving to Los Angeles after 10 years in progressively responsible positions in the company’s Boston office. Most recently he was team leader and senior director of portfolio management.

San Francisco-based investment manager WrapManager, a firm that provides services so that high-net-worth individuals can choose money managers, appointed Tom Wilson as vice president of investments.

Mr Wilson joins from Fisher Investments, where he served as an investment counsellor in the private client group. Previously, he worked for Janney Montgomery Scott, as a financial consultant.

UBS Wealth Management Canada appointed Beat Meier as regional head for Alberta, Saskatchewan and Manitoba, a Calgary-based role.

Mr Meier was most recently a senior private wealth advisor and a member of the UBS KeyClient Group in Canada. Prior to this, in 2005, he opened the Calgary office of UBS Wealth Management. 

First Republic Bank hired former Morgan Stanley senior wealth management executive Charles Radcliffe as managing director of its First Republic Securities Company.

In his new role, Mr Radcliffe will work out of the firm’s Rockefeller Center office in New York City. His duties include a focus on collaborating with individuals, families, businesses, foundations and non-profit organizations to meet their investment needs.

Prior to joining First Republic, Mr Radcliffe worked at Morgan Stanley for 17 years, most recently as senior vice president in the Global Wealth Management Group.

He has also worked as an investment banker for Dean Witter Reynolds, and as an attorney at the law firm of Mudge, Rose, Guthrie, Alexander & Ferdon.

Canadian financial services group Manulife, which works in fields including wealth management, appointed John Palmer to its board of directors.

Prior to this appointment Mr Palmer was Canadian managing partner and deputy chairman of KPMG, having also sat as a superintendent of Financial Institutions of Canada and managing director of the monetary authority of Singapore.

Bank of New York Mellon appointed Brian Ruane to the new position of chief executive officer of Alternative Investment Services, the firm’s hedge fund administration business.

Mr Ruane, based in New York City, will report to Art Certosimo, senior executive vice president and head of Broker-Dealer/Alternative Investment Services at BNY Mellon.

In his new role, Mr Ruane will focus on expanding AIS’s global client relationships and leveraging the fund administration products and services the group provides to hedge fund, fund of hedge fund, private equity and real estate clients world-wide.

Mr Ruane joined BNY Mellon in 1993; most recently he was executive vice president and head of global client management North America.

US-based First Private Bank & Trust appointed John Tellenbach as chief lending officer, commercial banking. He will report directly to V Charles Jackson, chief executive.

Mr Tellenbach’s experience includes serving as the Southwest director of small business banking for Wachovia Bank and holding various senior level management positions at Wells Fargo Bank.

California-based alternative investment firm Altegris appointed Ken McGuire as its new chief operating officer, charged with overseeing the development of the firm’s hedge fund and managed futures platform, Altegris Premier Managers Funds.

Mr McGuir was previously managing director of product management for single manager hedge funds at BNY Mellon Alternative Investment Services.

New York hedge fund manager Broadmark Asset Management  appointed Ricardo Cortez as president of global distribution. He will oversee the expansion of Broadmark`s investment products worldwide with respect to direct sales, as well as the creation of strategic distribution partnerships with financial institutions.

Mr Cortez most recently spent eight years as president of the private client group for Torrey Associates in New York City. Prior to that, he was vice president at Goldman Sachs and product manager for the GS external money manager programme Global Multi-Manager Strategies.

Scott Kellett, president of Bank of Florida Trust, was additionally appointed chief executive officer of the wealth management company. The firm also named Craig Sherman to take a senior role in the special assets division.

JP Morgan appointed Linda Kissler as vice president/wealth manager for its private wealth management office in Oklahoma City.

Ms Kissler was most recently a partner responsible for client development at Marlin capital. In her new role at JP Morgan she will advise high net worth clients in areas such as investment management and wealth transfer. She will report to Royce Reed, market manager for the Oklahoma City office.

Milwaukee-based Baird, an employee-owned wealth management, capital markets, private equity and asset management firm, hired Denise Wypiszenski as new managing director and chief operating officer of Baird Private Wealth Management group.

Reporting to Michael Schroeder, director of Private Wealth Management at Baird, Ms Wypiszenski will work out of the company’s Milwaukee and Chicago offices.

Prior to this appointment, Ms Wypiszenski was director and chief operating officer of the Morgan Stanley Smith Barney, western division.

Wilmington Trust appointed Linda Bourn as a managing director in its wealth advisory services business, joining from Clearbrook Partners, a family office firm.

Ms Bourn is based in New York and will serve Wilmington Trust’s clients nationally. Prior to working at Clearbrook, Ms Boum served family office clients at Marsh USA in New York.


AXA, the French financial services and insurance firm, appointed Etienne Bouas-Laurent as head of wealth management and financial partnerships for AXA France.

Mr Bouas-Laurent is currently AXA’s group head of investor relations and will be succeeded in this role by Mattieu Rouot at the beginning of March next year. Mr Rouot has been director of finance and financial risk reporting for AXA UK since 2008.

BNP Paribas Securities Services, the brokerage arm of French bank BNP Paribas, named Jacques d’Estais as its new president and chief executive following the resignation of Jacques-Philippe Marson.

Mr d’Estais assumes leadership of BNP Paribas Securities Services in addition to his existing role as head of the bank’s Investment Solutions arm, of which BNP Paribas Securities Services is a part. Also included in the division is BNP Paribas Investment Partners, the bank’s asset management business.

It is as yet unknown if Mr d’Estais’ responsibilities have been widened on a permanent basis or if a new CEO will be found for BNP Paribas Securities Services.

Citi Private Bank in Europe, Middle East and Africa appointed Michel De Carvalho as its chairman – a newly created role.

Among his previous roles, Mr Carvalho joined Nikko Securities in 1995 and was instrumental in forming the joint venture between Nikko and Citi in 1998.

In addition to being chairman of the Private Bank in EMEA, he is vice chairman of Citigroup Investment Banking. Mr Carvalho also sits on the board of Citigroup Capital UK.

Russia’s Sherbank appointed Sergey Borovikov to head its new private banking unit.

Mr Borovikov, formerly head of Alfa Bank’s VIP private client business, was hired to spearhead the development of a full range of private banking services within six months, according to reports.

Morgan Stanley’s private wealth management arm appointed former Citigroup senior manager Pedro de Brum Feijao as an investment advisor, covering Portugal.

Mr de Brum Feijao will be based in London; his appointment forms part of the continued expansion of the unit’s business in the EMEA region, Morgan Stanley said.

At Citigroup, he worked at the firm’s private bank in Geneva, where he was a relationship manager responsible for providing wealth management services for high net worth Portugese clients.

Paris-listed Société Générale appointed Olivier Khayat as advisor to Jocques Ripoll, head of global investment management services.

In his new role Mr Khayat will also be in charge of supervising the activity of SocGen's brokerage on derivative products – Newedge, formed from the merger of the brokerage activities of Fimat and Calyon Financial. Also, he will be proposed for the post of director of Newedge at the next board meeting.

Prior to the appointment, Mr Khayat, who joined the company in 2000, occupied different positions including that of head of the bank’s debt capital markets group, global head of debt capital markets, Société Générale Corporate & Investment Banking's capital rising and financing division as well as global head of the fixed income currencies and commodities division.

Vontobel, the Swiss private banking group, appointed Frank Wieser as managing director of Bank Vontobel Europe, which is headquartered in Germany, and as the new head of private banking Germany.

Mr Wieser, who will assume his new roles by spring 2010 at the latest, was most recently manager of the Düsseldorf branch of Sal Oppenheim, the Luxembourg-based private bank.

Yuri Voitsekhovsky, president of the Russian subsidiary of South Africa's Standard Bank which was recently bought by Troika Dialog, resigned, according to media reports.

It is understood his role will be temporarily passed onto Vera Tenyaeva and a new president appointed at a later date.

Crédit Agricole announced that chief executive Georges Pauget is to step down from the helm as of 1 March 2010.

Jean-Paul Chifflet, currently secretary general of the Fédération Nationale du Crédit Agricole and also chairman of Crédit Agricole Centre-Est regional bank, was appointed as Mr Pauget’s successor.

Credit Suisse appointed former Deutsche Bank senior executive Michael Ingelog as its chief executive for the Nordic region, a position that will cover responsibility for private banking, asset management and investment banking.

In his new role, Mr Ingelog will report to Eric Varvel, CEO of the Europe, Middle East and Africa region. He joins in January 2010 and will initially be based in London before relocating to the Nordic region over time.

In his previous job, Mr Ingelog was a managing director and head of institutional client group for Nordic region and the Netherlands. He was responsible for sales and trading across all asset classes in to the Nordic region and for sales into Holland.

Coutts, the UK private bank, appointed Robert Edwards to the role of senior private banker for its Monaco office, adding to an existing team of staff in the jurisdiction.

In his new position, Mr Edwards will advise the bank’s growing client base in Monaco, with a focus on the Central and Eastern European Market.

Stefan Laternser, a former senior UBS investment manager in Switzerland, joined MSReturn, part of the Liechtenstein-based Money Service Group, as chief executive.

MSReturn is a wealth management firm focusing on financial advice and management for institutional as well as private clients.

Mr Laternser joins from Centrum Bank, a Liechtenstein-based private bank, where he was CEO. Previously he was head of UBS portfolio management and then head of investment consulting at the Swiss banking giant.

Howard Snell, the former UK chief executive of Troika Dialog, joined Otkritie as a London-based director. He will be responsible for the firm’s UK business strategy. In addition, he will focus on corporate and investor relations.

At Troika, the Russian bank, Mr Snell headed its UK subsidiary, which dealt with European equity and fixed income brokerage, private banking, asset management and corporate finance businesses.

Nicholas Richmond, meanwhile, joined Otkritie as director and head of equity trading, based in Moscow.


Zurich Financial Services Group appointed Matthew Schofield to head of Zurich private clients, broker division, UK general insurance.

Mr Schofield takes responsibility for Zurich private clients reporting into Richard Coleman, director, personal lines and SME. The head of UBS’s ultra high net worth clients business in Switzerland departed from this role, and was replaced by a Credit Suisse man.

Alois Müller left his position as head of the UHNW business in Switzerland; though he remains at UBS as a senior banker and client sponsor. He now reports to Joe Stadler. Mr Müller will be replaced on 1 February 2010 by August Hatecke. Mr Hatecke joins from Credit Suisse where he was head of private banking in St Moritz. He will report to Mr Stadler and Stefan Bodmer.

Swiss private bank Clariden Leu appointed Marcel Schmocker as its new head of legal and compliance. Mr Schmocker is now also a member of Clariden Leu’s’ executive board, succeeding Rudolf Hugentobler, now the bank’s senior legal advisor. For the last four years Mr Schmocker has been general counsel at SR Technics.

Last week Clariden Leu named Raymond Chung and David Louie as the new co-heads of the bank’s North Asia operations. Mr Chung was formerly managing director, private wealth management at Deutsche Bank and Bankers Trust Company in Hong Kong, while Mr Louie was managing director, private wealth management at Deutsche Bank Hong Kong.

From Deutsche Bank, Chin Lit Yee was appointed as Clariden Leu’s new head of private banking for South East Asia. Soon Gek Chew was appointed head of portfolio management and investment strategy Asia, and Janice Lee was named chief credit officer South East Asia.

Middle East and Africa managers Chris Urwick and Amr Barakat left Lloyds TSB's private banking arm to work for SG Private Banking. The bank also appointed David Tunbridge, who will lead the Middle East team in Geneva, and Nader Goodarzi who will become a senior relationship manager in the Geneva team.

Union Bancaire Privée appointed Ian Cramb, formerly of Citigroup, as its new chief operating officer. Mr Cramb now oversees operations, information management, human resources and logistics, and is a member of the bank’s executive committee. He reports directly to Guy de Picciotto, chief executive of UBP.

Prior to his appointment at UBP Mr Cramb was EMEA consumer chief operating officer at Citigroup.

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