The Vaduz-based private bank is enlisting one of its own to take over its business with the wealthy.
VP Bank's head of intermediaries, Tobias Wehrli, will add private banking to his remit as well as join top management effective July 1, the Vaduz-based private bank said in a statement on Wednesday. Wehril takes over the role from Christoph Mauchle, who is set leave the firm at the end of September 2020.
Under Mauchle, an ex-Credit Suisse banker, VP boosted staffing in Asia and clinched a wealth tie-up in Shanghai. The region has been of particular focus after Thomas Meier, Julius Baer's ex-Asia boss, joined VP's board nearly two years ago.
Executive Set-Up
A five-year veteran of VP, Wehrli was previously the desk head for external asset managers at St. Galler Kantonalbank, and a partner at Financial Architects Switzerland. The Liechtenstein native began his career in 1993 at UBS, and has also worked for Credit Suisse.
VP said Mauchle will introduce Wehrli to his new responsibilities and ensure a seamless handover. The changeover is the first notable one in the six-person top management under CEO Paul Arni, a Swiss wealth veteran who took the top job at VP eight months ago.
Targets in Doubt?
In March, VP disclosed five-year targets under Meier, who became the bank's chairman in April: net new assets of at least 4 percent on existing assets, a profit of 100 million Swiss francs ($104 million), and a cost-income ratio of 70 percent.
Last year, VP recorded 73.5 million francs in profit, growth in new assets of nearly 8 percent, and a cost-income ratio of 67.6 percent. Meier recently cast doubt over the 2025 targets, in an interview with Liechtenstein paper «Vaterland» (in German).
