One of the Genevan wealth manager's most senior private bankers in Frankfurt is leaving for the top job at a rival boutique.

Feri Trust is poaching Patrick Zenz-Spitzweg for its top management, effective immediately, it said in an emailed statement on Thursday. Zenz-Spitzweg was previously one of Pictet's top wealth managers in Frankfurt and part of its executive committee for wealth management in Germany.

Independent asset managers like Feri, which manages nearly 40 billion euros ($47.4 billion) overall, are flourishing in the still highly fragmented German market. Home to more than 500 family offices and dozens of multi-family offices, Germany is a lucrative market for the likes of Feri due in part to a substantial lack of trust in traditional banking institutes.

Entrepreneurial Push

Zenz-Spitzweg rounds out Feri Trust's five-person top management, where he will oversee its private client business. He will also run the wealth manager's Bad Homburg activities as well as a family office arm.

His job is to expand Feri's business in particular with a new generation of entrepreneurs, parent company CEO Frank Straatmann said.  Before joining Pictet in 2012, Zenz-Spitzweg worked for UBS' private bank in Frankfurt. Based in Bad Homburg, Feri also maintains offices in Duesseldorf, Hamburg, Munich, Luxembourg, Vienna, and Zurich.