The Genevan wealth manager's second-in-command of private banking is departing this week, finews.com has learned.
Martin Liebi is exiting Edmond de Rothschild, where he has been deputy CEO of private banking and the head of Switzerland for nearly five years, according to a memo seen by finews.com on Monday. Liebi (pictured below) is a well-known former top executive at Notenstein, a private bank now fused with Vontobel.
The memo, signed by Rothschild's new CEO François Pauly, doesn't disclose specific reasons. A spokeswoman confirmed Liebi's exit, which she said is in order for him «to pursue new projects». It isn't clear where Liebi is headed.
Rothschild «Not For Sale»
Rothschild has been through a series of changes this year, most notably the death of majority owner Benjamin de Rothschild in January. His widow, Ariane de Rothschild, took over, and quickly telegraphed that the 68-year-old Swiss bank is not for sale and in fact is on the hunt for acquisitions of its own.
Consolidation is a hot issue in Switzerland's wealth management industry, where last year Banque Pâris Bertrand Sturdza sold to Zurich-based Rothschild & Co and Banque Reyl partnered with Intesa Sanpaolo.
Instead, Ariane de Rothschild said Edmond de Rothschild wants double its client assets in the coming five years to 350 billion Swiss francs ($383 billion). She also enlisted former Amundi boss Yves Perrier to join the board of Rothschild’s holding as well as that of its Swiss-based bank.
Asset Management Vs Private Banking
The departure of Liebi, who didn't respond to a request for comment, is a setback to those efforts. Michel Longhini, Edmond de Rothschild's overall head of private banking, will take over Liebi's responsibilities as of September 9, according to the memo, which is signed by Pauly.
Roughly 40 percent of Edmond de Rothschild's assets sit in a private banking arm – the remainder is asset management money. The bank went private early last year.
