The architect of the Swiss wealth manager's business in Zurich is defecting to a competitor. The move comes after Reyl sold a majority stake to Intesa Sanpaolo.
Banque Heritage is enlisting Michael Welti to oversee its private banking efforts, effective in September, it said in a statement on Thursday. Welti, who currently oversees Reyl's private banking activities in Zurich, will become a managing partner and shareholder at Heritage, a 3.7 billion Swiss francs ($4.11 billion) Genevan bank controlled by the wealthy Esteve family.
The move represents a much-needed growth bid by Heritage: the bank merged with Sallfort, another wealth manager, three years ago, lifting its group-wide assets to 5.25 billion francs by the end of 2019. Heritage said it broke even last year, but that its assets slipped to 4.42 billion francs.
Growth Push
The entrance of Welti comes as ex-Sallfort boss Johannes Barth, who had held down the private banking job temporarily, steps down in favor of a board role. Originally intended as the family office for the Esteve clan, which grew rich trading coffee, cocoa and cotton, Heritage clinched a bank license in 2004.
Welti, a well-known wealth manager in Zurich who is also familiar with Zug's burgeoning crypto scene, joined Reyl from Union Bancaire Privée in 2014. «Michael is the perfect center-piece for our growth strategy,» Heritage CEO Marcos Esteve said.
Reyl Replacement
Separately, Reyl said it will replace Welti by advancing his deputy, Christian Bauer, effective immediately. The Reyl family which controls the eponymous bank sold a majority stake to Italian bank Intesa Sanpaolo last October.
The two plan to expand in private banking via the Reyl Swiss-based platform – the bank will keep its name, management, and identity as part of the deal.
