Vontobel names Danske COO as private bank head
gestiontb Shares up 1.0 percent (Adds detail, analyst comment)
By Katharina Bart and John canada goose uk shop Acher
ZURICH/COPENHAGEN, March 15 (Reuters) Vontobel has hired Danske Bank chief operating officer to run its private bank, a move which highlighted the Swiss bank struggle to fight costs while seeking growth.
private clients uk canada goose outlet business continues to be confronted with significant challenges, said Vontobel chief executive Zeno Staub, who cheap Canada Goose will run the private bank until Canada Goose online Georg Schubiger arrival from Danish group Danske Bank on Sept. canada goose 1.
Vontobel said on Thursday Peter Fanconi, a former fund canada goose clearance sale of hedge fund specialist it installed three years ago to give its private bank new growth prospects, would leave.
Staub, who has run Vontobel since last May, replaced his chief investment strategist with former UBP banker Christophe Bernard in February. Schubiger, a Swiss banker, has canada goose black friday sale spent the past 12 years canada goose coats working in the Nordics.
Based on Staub comment and Schubiger background, it is likely the incoming private banking head will scrutinise costs, a key focus for Swiss private banks due, in part, to the persistent strength of the Swiss buy canada goose jacket cheap franc against other currencies.
Vontobel private banking arm is dwarfed by Canada Goose Coats On Sale the much larger, more profitable investment banking arm, which Canada Goose Online posted nearly three times the smaller unit pretax profit last year.
Private uk canada goose banks are also trying to Canada Goose sale slash costs canada goose coats on sale as they brace for lower cheap canada goose uk revenue due to the loosening of banking secrecy, which was expected to lead to fewer clients bringing assets to Switzerland.
Vontobel private bank cost income ratio rose to 84 percent in 2011, from 77.2 percent in 2010, reflecting lower revenue and canada goose clearance largely stable canada goose uk black friday costs.
canada goose outlet Though Vontobel has posted healthy rates of net new canada goose factory sale assets in recent years, it has long been criticised as too small to compete with larger rivals pouring money into expanding in Asia, canada goose uk outlet the Middle East and Latin America.
Swiss private banking industry is undergoing a revolution. The mid tier banks are particularly at the mercy of the changing landscape, said Sebastian Dovey, managing partner of London based wealth consultancy Scorpio Partnership.
is Canada Goose Parka a bank with a strong opportunity buy canada goose jacket to step up into the major league of wealth management. Recent actions by Vontobel suggest that they are conscious that they need to canada goose store step up their activity level in the wealth industry Canada Goose Jackets in order to remain competitive, he said.
Vontobel detractors have long criticised its absence from Asia, a red hot market for private banks.
Sarasin, a rival Swiss private bank of a canadian goose jacket similar size to Vontobel, was majority Canada Goose Outlet bought by Brazilian Swiss private bank Safra late last year.