The Genevan wealth manager installed a new head of Ticino as well as the Italian market, finews.com has learned. Union Bancaire Privée is launching a hiring offensive and evaluating potential acquisitions in the northern part of Italy.
UBP is naming Franco Tirotta (pictured below) as its new head of Ticino and Italy, a source familiar with the matter told finews.com. Tirotta, who is a ten-year veteran of the family-owned private bank, replaces Luca Prencipe, who left UBP after little more than six years as head of wealth management Lugano. A spokesman for UBP confirmed the change.
With Tirotta, who was previously with UBS for ten years, UBP harbors ambitious plans for southern Europe. The bank has already scouted potential acquisitions in Italy, a person familiar with the matter said.
Beefing Up In Ticino
In Lugano, UBP manages roughly 3.5 billion Swiss francs ($4 billion) and employs 30 staff. It is part of a wider European region overseen by Adrian Kuenzi, the former boss of Notenstein La Roche who joined UBP in 2018.
Separately, UBP in Lugano nabbed Andres Castro, a veteran private banker for the Latin American market, from rival Edmond de Rothschild. A spokesman for UBP said the bank is in advanced talks to hire two more experienced private bankers.
