Wealth manager KBL is hiring a Raiffeisen veteran as treasurer. The veteran Swiss retail banker was swept out of his previous job earlier this year in a management cull.

The Luxembourg-based wealth manager is hiring Paulo Bruegger to handle its treasury and asset and liability management, two sources familiar with the move told finews.com. A spokesman for KBL confirmed the hire of Bruegger, which is effective on Monday.

Bruegger resigned from Raiffeisen, where he spent 14 years in top management, in February as part of a management and board cull. The departure came after Raiffeisen conducted an internal investigation in parallel to a criminal one probing alleged misconduct by its former CEO, Pierin Vincenz. 

Prop Trading Beginnings

Bruegger, a Swiss banker, who began his career as a prop trader at UBS, was not accused of wrong-doing. He is the latest in a series of high-profile hires by KBL, now led by former UBS top private banker Juerg Zeltner. 

In recent months, Zeltner has poached former UBS colleagues like intermediaries specialist Stephan Matti, private banking lawyer Maria Leistnerand operations chief Dagmar Kamber-Borenswho is poised to become CEO of KBL in Switzerland once a key deal closes.