EFG International Says Business Performance "Solid", Names New COO

Tom Burroughes

30 April 2020

, the Swiss private banking group, has appointed Martin Freiermuth as chief operating officer and executive committee member, while it also reported “solid” business performance for the first quarter of this year.

Freiermuth will succeed Christian Flemming, who will be stepping down to become the chief operating officer of BTG Pactual, the firm said in a statement yesterday. Freiermuth, who will take up his role in mid-August, will report to CEO Giorgio Pradelli.

Prior to his new role, Freiermuth had worked at Banque Internationale à Luxembourg since 2014 where he served as group head products and markets. He had also been a member of the executive committee since October 2018. From 2002 to 2013, he worked at Bank Vontobel in Zurich, where he held a number of senior management positions, including head of private banking services.

Paying tribute to Flemming, EFG said that he had been “instrumental” in EFG’s development over the past years, such as the integration of the acquired BSI private banking business about four years ago.

“Furthermore, he played a vital role in executing EFG’s strategic plan and further developing the bank’s operational and real estate platform to increase efficiency and ensure high-quality services to CROs and clients – including during the current coronavirus situation, guaranteeing EFG’s operational resilience and uninterrupted service,” it said.

EFG International will report its results for the first half of 2020 on 22 July.

Commenting on recent financial performance, the bank said it has “registered positive inflows, with an annualised net new asset growth rate of 2.5 per cent”. The UK, Continental European, Middle Eastern and Latin American regions made notable contributions, offset by deleveraging trends in Asia-Pacific.

Falls in markets and the adverse impact of foreign exchange movements have led to a decline in assets under management “in line with the industry”.

“Assets under management have rebounded slightly throughout April and currently stand at SFr139.7 billion,” it said.

The bank said it has recorded increased client activity, with net commission income at its “highest level in the bank’s recent history”.