Zwei Wealth has opened a new branch in Geneva, led by seasoned banker Thierry Cherf, who brings 25 years of experience from various Swiss private banks. The firm, which has evolved from an advisory service to a comprehensive wealth management ecosystem, now manages over CHF 11 billion in assets and is actively seeking to expand its team with more than ten new advisors by 2025.
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Marcuard Heritage strengthens leadership with new private banking expert appointment
Marcuard Heritage has appointed Sascha Steinmann to its Executive Board, effective December 2024, to enhance strategic partnerships with banks. With over 20 years of experience in private banking, Steinmann aims to drive growth for the independent asset manager, which recently expanded its global presence by opening an office in Abu Dhabi. CEO Patrick Stauber highlights the critical role of banks in the firm’s strategy and believes Steinmann’s expertise will significantly benefit the company’s development.
read moreCommerzbank Expands Wealth Management to Compete for Ultra High Net Worth Clients
Commerzbank is expanding into wealth management to target ultra-high-net-worth individuals (UHNWIs) as competition intensifies in Germany. The bank plans to create a new management level, merge departments, and open offices in Hamburg and Stuttgart to enhance service for wealthy clients, while also increasing asset management activities to boost fee income. Meanwhile, Deutsche Bank is also ramping up its efforts in this sector, appointing Raffael Gasser to lead asset management and private banking in Germany, aiming for further growth in the affluent client market.
read moreFinma Initiates Enforcement Proceedings Against Mike Baer’s MBaer Merchant Bank
Finma has initiated enforcement proceedings against MBaer Merchant, led by Mike Bär, due to clients with Russian ties now on EU and US sanctions lists. Despite claims of reducing business with such clients since the Ukraine war, the bank’s co-founder, Paul von Mérey, is under scrutiny for previously managing these relationships. Other banks in Zurich reportedly deny any ongoing investigations related to similar issues.
read moreLGT Reports Record Assets Amid Rising Costs and Declining Profit
LGT reported a record 356 billion Swiss francs in assets under management, despite a 22% drop in profit to CHF 174 million due to rising costs. Interest income fell by 30%, but commission and trading revenues offset this decline. The bank is expanding in Germany and the UK, aiming for growth in key markets.
read moreBanking Shake-Up: LGT Hires Julius Baer’s St. Gallen Team
LGT has made a significant move by hiring Michael Eicher and his team from Julius Baer, signaling its ambitions in Switzerland. Eicher’s departure has caused turmoil at Julius Baer, with the management struggling to cope and rumors swirling about the appointment of a new CEO. The region’s banking landscape is set for a shake-up as LGT aims to establish a strong presence in St. Gallen and surrounding areas.
read moreLGT Switzerland CEO Discusses Digitalization and Market Growth Strategy
Anke Bridge-Haux, CEO of LGT Switzerland, discusses the bank’s strong growth in the Swiss market, the impact of the Credit Suisse-UBS merger, and the potential for further expansion in the French-speaking region. She also highlights LGT’s focused digital strategy and the role of artificial intelligence in improving internal processes and customer interactions. With a global investment of 200 million Swiss francs in digitalization, LGT aims to enhance operational efficiency and innovation across its international operations.
read moreExpansion of Swiss and Liechtenstein Banks Intensifies Staff Shortage in German Private Banking
The expansion of Swiss and Liechtenstein banks into the German market has intensified the shortage of private banking personnel in Germany. The competition for experienced customer advisors has led to team migrations and subsequent staff replacements, with adjustments in salary structures due to increased hiring activity. Despite the rise in demand, salaries in the private banking sector remain comparatively lower than in other fields, reflecting the lower average assets and generated revenues in Germany.
read moreCEO Departure Raises Questions at Successful Private Bank
The CEO of Banque Havilland unexpectedly resigned despite the bank’s exceptional financial performance in 2023. The former CEO, Fabian Käslin, played a key role in the bank’s successful turnaround, but left the institution several weeks prior. The bank achieved a positive gross profit for the first time in years and experienced significant organic growth, raising questions about the ability of Käslin’s successor to maintain the bank’s momentum.
read morePictet Bank Welcomes New Leader and Explores Expansion in Switzerland
The 219-year-old Swiss private bank Pictet is preparing for a new chapter as 50-year-old Marc Pictet is set to take over as the new leader, emphasizing the bank’s focus on wealth management, asset management, and serving a wide range of clients, including entrepreneurs. The bank’s traditional yet modern approach, long-tenured partners, and plans for expansion in the southern region of Switzerland reflect its commitment to stability and growth.
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