A long-standing UBS banker is poised to take the helm at Merck Finck, a loss-making German private bank. It is part of the Luxembourg wealth manager now run by ex-UBS private bank banking boss Juerg Zeltner.
Thomas Rodermann is to replace Matthias Schellenberg as head of Munich-based private bank Merck Finck, a source familiar with the matter told finews.com. He would be the latest of dozens of ex-UBS bankers to follow Juerg Zeltner, UBS' top private banker until 2018, to Quintet.
Zeltner now oversees the Luxembourg-based and Qatar-controlled wealth manager comprised of eight private banks including in Britain, Belgium, and soon in Switzerland. Merck Finck, founded in 1870, is the most prestigious name in Quintet's stable, but is struggling with a dramatic worsening of its results.
Seeking Turnaround
The arrival of Rodermann, first reported by trade publication «Private Banking Magazin» (in German), is a bid to turn around Merck Finck. Current CEO Schellenberg, himself an ex-UBS banker who took over at Merck Finck three years ago, won't renew his contract when it expires at year-end, the bank said in a statement.
Rodermann, who left UBS' top European hub job last year, will also add the top Europe job at Quintet to his resume, according to the trader outlet. A spokesman for Merck Finck didn't respond to a request for comment.
