Print this article

More US Client-Facing Managers Defect From Swiss House

Tom Burroughes

15 February 2018

Bellecapital International, the Zurich-based asset manager that focuses on serving US clients, has hired four managers from Switzerland’s is owned by its employees and contains four legal entities operating out of Zürich and London. In total, it had assets under management of $3.1 billion as at the end of last year. The firm is registered with the US Securities and Exchange Commission and serves US clients with portfolio investment. 

This publication contacted Vontobel on whether the managers will be replaced; it may update this report in due course.

As reported earlier in February, Vontobel said its chief executive dealing with US clients, Deepak Soni, had left the firm following an argument about how the company is run. Soni, who was based in Zurich at the time of his departure, had been in his role for more than eight years. From 1999 to 2007 he worked at Citigroup. 

Vontobel has made something of a point about how it continues to serve high net worth US citizens onshore; its VSWA unit is overseen by the US Securities and Exchange Commission, with branches in Zurich, Geneva, Dallas and New York. 

Bellecapital also recently hired Nicolas Patsalos as senior investment manager and client advisor based in London. Patsalos has 11 years’ experience in private wealth management and has formerly worked at HSBC advising private and institutional clients. Before joining Bellecaptial, he worked at Deutsche Bank as a private banker for six years managing assets for UK resident-domiciled, non-domiciled and European clients.