Geneva-based Mirabaud is expanding its offering to include private equity investments and has hired two specialist for this purpose. One of the two once held a prominent public office in France.

The banking industry is forced to review its product portfolio given the record low interest rates which are squeezing the companies' margins. As an example in case, Mirabaud Asset Management, the fund management unit of the Geneva-based private bank, has detailed its first ever private-equity fund.

The fund will invest in small and medium-sized, unlisted companies in Europe and Switzerland, Lionel Aeschlimann, a managing partner at the bank, recently told finews.com in an interview.

Private Equity Experts

The private bank now has hired Renaud Dutreil as its new head of private equity, the company said in a statement on Tuesday.

Dutreil is a former French minister of small and medium-sized businesses and commerce. He also acted as chairman of LVMH North America for four years and served on the board of directors of L Capital Europe.

Veteran Dealmaker

Dutreil will be supported by Luc-Alban Chermette, Mirabaud added in its statement. Chermette has worked on more than 40 private-equity transactions involving small and medium-sized companies.

From 2010 through 2016, Chermette was chairman of La Vélière Capital, a French wealth management firm.