HSBC’s man in Switzerland sounds pretty upbeat these days, despite the bank’s recent media scandal and mounting regulation.
Old Mutual Global Investors (Old Mutual) has launched a Swiss office in Zurich, as it continues to build up its European presence since its formation in 2012.
Alexander Classen, chief executive of Royal Bank of Scotland’s (RBS.L) overseas private banking arm, is set to step down shortly following a sale to Union Bancaire Privee (UBP), according to a person familiar with his thinking. A veteran private banker, Classen had been asked to lead the integration of the two private banks, but has declined the offer and will leave Coutts within the coming two to three weeks, the source said. The 52-year-old’s exit follows the departure of two of the regional heads of the business after Geneva-based UBP agreed last month to buy the international arm of 300-year-old British wealth manager Coutts. RBS is keeping Coutts’ UK business, which counts Britain’s royal family among its customers.
Vontobel Asset Management is set to ramp up its institutional sales efforts in Asia, with the goal of having clients in the region account for more than 10% of the Zurich-based firm’s assets under management within five years, according to a top executive.