The Swiss bank's long-standing head of asset management is stepping down, following a series of organizational changes for the flagship unit. The move consolidates more power under CEO Zeno Staub.
The Zurich-based bank's Axel Schwarzer is stepping down as head of its key money management unit at year-end, it said in a statement on Wednesday. Vontobel didn't detail a precise reason, beyond saying the move follows a split of investments and distribution in the unit, as well as its reorganization into an investment house last December.
The unit's boutique heads including Matthew Benkendorf and Simon Lue-Fong as well as investment chief Dan Scott will report directly to CEO Zeno Staub in future, the bank said. Schwarzer, who joined Vontobel as head of the unit from Deutsche Bank in 2011, will chair subsidiary TwentyFour, a fixed income manager, after departing.
Marko Roeder will run the client unit, overseeing 150 bankers for institutional investors and intermediaries such as pension funds, foundations and banks.
