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The differences between KBL and Pictet are stark: the 214-year-old Genevan firm is owned and run by its partners, a quality it credits with its longevity and stands in contrast to the quarterly accountability of listed firms.

Deep Qatari Pockets

The KBL version of this is the al-Thani clan, which is bankrolling Zeltner's vision with deep, oil-financed pockets. Qatar undoubtedly knows something about wealth management – they bought Credit Suisse shares during the crisis and have more recently spent on Deutsche Bank. However, how long the al-Thanis will give Zeltner to realize his vision at KBL is unknown – presumably even to Zeltner himself.

For now, Zeltner obviously enjoys unequivocal Qatari backing – and can jumpstart his plans. He will need their cash if he wants to make the Swiss banking license «worth his while,» as one former banker said: Zeltner will have to hit the acquisition trail again soon or hire talented teams at a pace unusual for Switzerland.

Perfect Wealth Storm

Zeltner's aptitude for poaching, from UBS for example, isn't yet known – but it will be a tough sell. KBL isn't a name known to most wealthy clients (hence a rebrand, as finews.com reported last week), but he will have to liberally dangle partnerships and paychecks for productive private bankers to defect.

He is also doing so in a perfect storm for the wealth management industry: L4L, or low (interest rates) for longer than expected, clients expect a digital experience with their private bank and not a clunky manual one, technology is making some wealth jobs extinct, margins are under pressure, and regulation is eating into profits. Zeltner can write the next chapter in wealth management – but it will be a tough row to hoe.