A longtime Credit Suisse private banker joins the firm's CEO as co-head of Colombo Wealth, research by finews.com shows.
Ticino-born Michel Faoro will become co-CEO of Swiss wealth manager Colombo Wealth. He assumes his new role alongside the existing CEO Dario Colombo at the beginning of March 2023, a spokeswoman for the company confirmed to finews.com.
Faoro, who comes from Lugano, looks back on a 30-year career in banking. After studying at Franklin University in Lugano and at the American University in Paris, he began his career in 1989 at Philip Morris. He subsequently entered the financial industry in 1993 as a client advisor at Merrill Lynch – which then had offices in Lugano.
Long Tenure at Credit Suisse
Between 2002 and 2004, Faoro worked for UBS, leading a team from the Florence office. After that, he moved to Credit Suisse in Chiasso, where he became Team Leader for the «Market Italy International» division. He held this position – which was later based in Lugano – until 2022 and was responsible for a team of almost 20 people and more than 5.2 billion francs in client assets.
Together with Dario Colombo, Faoro will develop the company’s business from its three locations in Lugano, Zurich, and Geneva, by providing entrepreneurs with tailored investment opportunities, he indicated to finews.com.
More Employees Wanted
Founded in 1974, Colombo Wealth is one of the oldest independent wealth managers in Switzerland. It currently manages around 3 billion francs in client assets and has a substantial stake in Luxembourg-based asset manager European Capital Partners (ECP), giving the business EU market access.
As Faoro explained to finews.com, he intends to further expand the advisory services while developing additional sources of income in parallel. Given this, he plans to hire additional staff, including investment bankers. Despite having a new Co-CEO, Dario Colombo indicated he remains fully committed to the company, both strategically and operationally, he emphasized to finews.com.
