Geneva's Edmond de Rothschild is hiring Vontobel's former investment chief – not least for his network in Zurich.
Edmond de Rothschild Group, or EdR, is hiring Lars Kalbreier as its global chief investment officer, or CIO, effective October 1, the family-controlled private bank said on Thursday. finews.com reported Kalbreier's exit from Vontobel last month.
Kalbreier represents another high-profile hire for the Genevan bank, which last year opted to go private. Last year, Rothschild hired Union Bancaire Privée's top private banker, Michel Longhini, to run its wealth management activities.
Wider Management Role
Kalbreier is to report to Christophe Caspar, who runs EdR's asset management arm. He also sits in the top management of both units, a bid to harmonize investment strategy.
He will also oversee more than 100 staff in investment solutions, which represents a larger management role than at Vontobel. The unit steers wealth management mandates as well as investment advisory activities in its private bank, as well as client asset allocation.
Crisis Tests Active Vs Passive
Much like at Vontobel, EdR is shifting the investment process to the center of its activities. The wealth manager highlights its expertise in illiquid assets like private market investments and real estate, where it manages 16 billion Swiss francs ($16.5 billion). In total, Rothschild manages 173 billion francs.
Caspar, the asset management unit head, says the set-up will add value for clients against the backdrop of the pandemic: «We expect money to shift into tangible assets and alternative investments which help buffer market volatility,» he told finews.com. He is also convinced that market turbulence in recent weeks will favor active investors as opposes to passive products.
Kalbreier is to give voice to this investment philosophy – especially in German-speaking Switzerland. EdR said it hopes the Swiss banker's network in Zurich is useful or, as Caspar says: «All of Switzerland is our hunting grounds.»
