Indosuez Wealth Management has hired several private bankers in Zurich, finews.com has learned. The French bank is reinforcing its offshore business as well as that with independent firms.
Foreign banks retreating from Switzerland? Not in the case of Paris-based Crédit Agricole's subsidiary, Indosuez Wealth Management. Since rebranding three years ago as well as several revamps, Indosuez has concentrated on reinforcing its cross-border private banking business in Geneva, Zurich, Lausanne and Lugano.
The hire last year of Frédéric Wuethrich to run its wealth business in Zurich fired the starting gun on a growth strategy. The Swiss private banker has been hiring copiously since defecting from rival Julius Baer last year, according to an Indosuez staff memorandum seen by finews.com.
BKB and Coutts Bankers
Indosuez in Zurich has hired four new private bankers: Bruno Wuest (pictured below) joined Wuethrich's team in April from Basler Kantonalbank, or BKB. Wuest, formerly a desk head at the cantonal bank, will run Indosuez's business with independent asset managers, which Swiss private banks are discovering as a lucrative avenue of business. Antonio Caretti, formerly a long-standing BKB banker, will also join the team.
Daniel Furtwaengler (pictured below) was hired to run the Zurich-based private banking business in continental Europe. He spent 17 years with Coutts private bank, including as head of markets and member of management. He moved to EFG in Zurich in 2015 after Union Bancaire Privée bought Coutts' international arm. He has been with Indosuez since April.
Further Hires Planned
The wealth manager has also hired Caglar Toprak, who begins in June and will cater to wealthy Turkish clients. A spokeswoman for the bank confirmed the hires.
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