The former partners of private bank La Roche are leaving Vontobel, finews.com has learned. The exit of the four veteran private bankers follows bonus season.
The mass exodus seems sudden, but is carefully calculated: on Monday, Vontobel paid out bonuses for 2018. On Tuesday, Philipp Baumann, Mathis Buettiker, Christoph Gloor, (pictured below), and his brother Urs Gloor decided to leave, according to a memorandum seen by finews.com.
The four former partners of Swiss private bank La Roche joined Vontobel as part of the acquisition of boutique wealth manager Notenstein last year for roughly $700 million. In 2015, La Roche has sold its $6.6 billion in assets to Notenstein, which was then owned by Swiss retail bank Raiffeisen.
Rittergasse Roots
Founded in 1787, La Roche continued to work out of its offices on Rittergasse 25 in Basel (pictured below). Christophe Gloor was also tasked with overseeing the Swiss wealth business of Notenstein La Roche following the deal.
The four remained in Basel following the Vontobel takeover last year. Buettiker ran a team focused on the German-speaking part of Switzerland, while Gloor took over Vontobel's Geneva and Lausanne offices, though Vontobel had an office head at each branch.
The departure of the Gloor brothers, Buettiker, and Baumann isn't a complete surprise. Raiffeisen had wooed the four during the sale of Notenstein La Roche, but they elected to head for Vontobel.
Outflows Expected
Vontobel wealth head Georg Schubiger said the group would continue to take care of their clients and ensure an orderly handover. While the Swiss bank can digest their departure, it is nevertheless likely to lead to client withdrawals: the men are supremely well-connected with Basel's wealthy.
For its part, Vontobel withstood similar collateral damage during the Notenstein takeover: last year, two wealth managers opted to move to Geneva-based Bordier instead of being acquired.
Swiss Shuffle
Schubiger shuffled Vontobel's regional responsibilities as a result of the La Roche departures. Jean-Pierre Stillhart is taking over the German-speaking part of Switzerland, effective immediately, including Basel, Chur, Schaffhausen, and St. Gallen.
Pietro Radicioni is taking over senior adviser circles, while Stefano Retti will lead Vontobel's Geneva office and Alexandre Jost Lausanne.