The Brazilian bank appointed a former UBS wealth manager to run its Swiss private bank, finews.com has learned.
Zurich-based Itaú Private Bank is naming Stefan Jenni as its CEO, effective immediately. He replaces Gustavo Tavares, who is leaving the wealth manager, which is part of Itaú Unibanco, the result of the 2008 merger of two of Brazil's biggest banks.
Jenni, a 40-year-old Swiss banker, has been key in establishing Itaú Unibanco in Switzerland since 2008, but also worked for the bank in Miami and Santiago de Chile. Most recently operating chief of the Swiss unit, he previously spent more than ten years with UBS, including in its wealth management business for rich Brazilian clientele.
Intermediaries Eyed
Itaú's Zurich private bank wants to digitally transform to grow, as well as tap external asset managers as a new line of business, a spokesman said. It will offer its platform to independent advisors in Switzerland, emphasizing its Latin American roots.
Itaú is one of 111 foreign banks in Switzerland. Its roughly 80 employees manage 9.1 billion Swiss francs ($9.94 billion) in the alpine nation, where it turned a profit of 7.1 million francs in 2019, according to lobby data.
