The long-standing head of Union Bancaire Privée's wealth management arm is leaving the Swiss private bank, finews.com has learned. His exit is prompting UBP to alter its governance set-up.

Michel Longhini is poised to depart from Geneva-based Union Bancaire Privéee, or UBP, according to a memorandum seen by finews.com. Longhini spent the last nine years with UBP and is one of the closest associates to CEO and owner Guy de Picciotto. 

«Michel Longhini will leave his role as a member of the executive committee and CEO of private banking in the near future», UBP Chairman Daniel de Picciotto and CEO Guy de Picciotto, his brother, said in the memo. Longhini wishes to change tack in his career, the brothers said. «This is his decision and we accept it although we regret it».

A spokesman for UBP confirmed the contents of the memo.

Asia Wealth Veteran

The memo didn't elaborate on where Longhini is headed; the private banker couldn't immediately be reached for comment. The French native joined UBP in 2010 from BNP Paribas, where he has spent much of his time in Asia. The region has become a major focus for UBP, particularly after it snapped up Coutts International's client assets in 2015. 

During Longhini's tenure, UBP's wealth arm grew copiously by acquisition, including a Luxembourg-based private bank last year which reinforces its European hub in the Grand Duchy. De Picciotto and Longhini also splashed out by upgrading in Singapore, in a bid to capture more growth in the rapidly-growing Asian millionaire market.

M&A Doubled Assets

The acquisitions during Longhini's nearly nine years in charge of the wealth unit nearly doubled UBP's assets, according to the memo.  He was one of seven top executives on a management committee reporting to Guy de Picciotto. Now, the CEO will take the helm of the unit temporarily, as well as define a new governance structure, according to the memo.

«With Michel Longhini's departure, we are turning over a new leaf and starting a new chapter», the de Picciottos said. «We have strong teams and experienced management and this is a major asset to keep us on our growth trajectory.»