UBS has poached a Credit Suisse banker to the ultra-wealthy in Germany. The hire is the latest raid by Switzerland's largest of its smaller hometown rival.
Zurich-based UBS named Magnus Blohme to run one of two ultra-high net worth teams for German offshore clients, according to a report in industry publication «Private Banking Magazin» (in German) on Monday.
Blohme was poached from crosstown rival Credit Suisse, where he was head of family office as well as ultra-high net worth clients in Germany. The banker to the ultra-rich, generally viewed by wealth managers as those with at least $50 million to invest, previously worked at Commerzbank and Dresdner Kleinwort.
Further Exits
Two more bankers on Blohme's team have also jumped ship: Clemens von Stechow is following his boss to UBS, while Daniel Bugmann is heading for Genevan private bank Pictet.
Credit Suisse has already filled the vacancy by shifting Austrian private banking head Stephan Grathenauer into Blohme's job. The bank also wants to replace von Stechow as well as Bugmann, the report said.
