The long-standing former head of Union Bancaire Privee's wealth management arm has resurfaced. He will oversee private banking at a rival Swiss firm.
Edmond de Rothschild Group appointed Michel Longhini as head of private banking, according to a media release. The move follows the veteran private banker's surprise exit from Union Bancaire Privée last week, as finews.com reported exclusively.
Rothschild, family-controlled and in the process of going private, is tasking Longhini with its private banking business, which includes Switzerland, Belgium, France, Israel, Italy, Luxembourg, Monaco, Portugal, Spain, and the U.K., from November 1.
«As shareholders, we are always committed to supporting the growth of our business, thereby demonstrating our faith in the success of our teams and our group,» Chair Ariane de Rothschild said.
New Appointments
After nine years of reporting to the de Picciotto family which controls UBP, Longhini is familiar with the delicacies of family-run private banks. Rothschild said Longini's objective is to kickstart growth with wealthy families and entrepreneurs.
The French native helped UBP grow including by copiously acquiring, particularly in Asia where Longhini spent much of his career prior to joining the Swiss bank. Rothschild appointed Vincent Taupin as its new CEO when it disclosed the going-private two months ago. Yves Stein began at the bank as European head last week.
