Vontobel is in for more ructions in its U.S. wealth arm: a Swiss rival is poaching four private bankers. The raid follows the unexplained exit of the Swiss bank's top U.S. private banker last month.
Zurich-based asset manager Bellecapital said on Tuesday it is hiring four private bankers specialized in the U.S. market, all from rival Vontobel. The move follows the sudden and mysterious exit of Vontobel's top U.S. private banker Deepak Soni last month, as finews.com reported exclusively.
The hire of bankers Michael Wuethrich, Pascal Kueenzi, Thomas Fritz and Benedikt Eichenberger from Vontobel represents a quantum leap for fledgling Bellecapital, which said it wants to expand its U.S. arm.
«The U.S. market is growing, is highly competitive and we are pleased to be expanding our business with professionals who are passionate about investment and client service,» co-founder Mark Eberle said in a statement.
Eyebrow-Raising Exit
Soni's exit raised eyebrows: the banker was let go with immediate effect two weeks ago, with a source citing a breach of trust. Since then, Vontobel bankers have said that the U.S. unit lagged the bank's expectations, and that several veteran bankers had thrown in the towel.
Bellecapital, specialized in alternative and other niche assets as well as direct investments and private placements for wealthy clients, has snatched up bankers from rivals like Credit Suisse and Deutsche Bank in recent months.
