Vontobel said it is hiring a partner from Zurich law firm WalderWyss and former UBS banker as its new Chief Legal Counsel. The move follows the surprise exit of behind-the-scenes mastermind who had successfully negotiated a dispute between the bank and its partner Raiffeisen.
The Swiss bank said Enrico Friz will take over as head of legal, compliance and tax from Jan. 1. Friz is currently a partner for banking and finance with WalderWyss, a where he specializes in corporate finance, capital markets, financial products, regulatory issues, insolvency and restructuring, corporate and commercial law
and financial services.
He replaces Martin Taufer, who is widely lauded for having successfully navigated legal minefields such as the case of Uli Hoeness, the former Bayern Munich club who was jailed for tax evasion and maintained an account with Vontobel.
Taufer is leaving Vontobel at year-end after four years with the bank, as finews.com reported exclusively last week.
Structured Products Expert
Friz, who has already worked for Vontobel as an external advisor, worked as a lawyer for UBS in risk and trading before joining WalderWyss 18 years ago.
He is also the head of legal and regulations for Swiss structured products lobby SSPA as well as one of a group of experts advising on how to translate MiFID and other European directives into Swiss law.
«Particularly in view of the ever-increasing importance of regulation for the finance industry, we are delighted that Enrico Friz – a proven expert with extensive knowledge of Swiss and international legal and regulatory developments – is to assume responsibility for the legal, compliance and tax department at Vontobel,» Vontobel CEO Zeno Staub said in a statement.
Taufer, formerly Credit Suisse's long-standing legal counsel in Switzerland, leaves Vontobel for an undisclosed new role, and will remain at the bank's disposal as an advisor.
