Swiss bank Vontobel is poaching from a far larger French rival for its Geneva office. The move is the result of top bankers jostling following this year's acquisition of rival Notenstein La Roche.
Zurich-based Vontobel is hiring Stefano Retti to run its wealth management arm in Geneva, effective in February, it said in a statement on Thursday. He takes on part of the job of Lionel Pilloud, who was until recently head of Geneva for Vontobel for private banking, asset management, and investment banking.
The move is the result of a shuffle following its acquisition of rival Notenstein La Roche earlier this year, which gave Vontobel a far stronger presence in western Switzerland. As a result of the shuffle, Pilloud elected to leave Vontobel, the bank said.
Boost Market Share
The 43-year-old Retti is currently with Société Générale for onshore Swiss banking – a job he held for just 18 months. Previously, the Swiss banker was with wealth manager CIC for five years. At Vontobel, he will report to Christoph Gloor, the deputy head of Vontobel's private banking arm and responsible for the unit in French-speaking Switzerland.
Retti will also oversee Vontobel’s newly-integrated Notenstein La Roche acquisition. «We want to increase our market share in the wealth management sector in French-speaking Switzerland, where we see a great potential», Vontobel's overall wealth head Georg Schubiger said.
