The presence in Moscow is a huge enabler, and it is also a sign of a strong commitment to the country, Michael Kuenzi, Head of Marcuard Heritage’s representative office in Moscow, says in an interview with finews.com.


Michael Kuenzi, when did Marcuard Heritage open its representative office in Moscow?

Right at the beginning of 2003 when Marcuard Heritage went live. I joined the firm in June 2013. The representative office is now situated in Moscow City, which is a prime location that has an excellent infrastructure: transport infrastructure, hotels, restaurants, fitness centers or anything you like.

What is the role of a representative office?

It supports other companies in the Marcuard Heritage group. Marcuard Heritage is a wealth manager, that employs about 60 people and has offices with a license to manage money in Switzerland – its headquarters – as well as in Singapore and in Limassol, Cyprus.

«A representative office is also a center of expertise»

Additionally, we have an institutional asset manager that sets up funds and runs funds in Zurich called Alpinum Investment Management.

This is quite a complex setup for a relatively small company.

In fact, it supports the licensed offices and the affiliated companies, and it acts as a support office for traveling staff.

Could you elaborate on that?

Sure, for relationship managers that come from Zurich to Moscow; it offers meeting rooms; it helps with the handling of documents, receiving and sending. A representative office is also a bit of a center of expertise.

«It is not a bank; it is not an asset manager»

We have locally right now five people. Of course, we have a very good understanding of the legislation and regulations relevant to us. We support our affiliated companies and their staff in everything that relates to specific Russian know-how.

Is it a licensed asset manager?

No, as mentioned, it is a representative office and not an operating company; it doesn't have a license for securities dealing or payment transactions. It is not a bank; it is not an asset manager.

Are you considering moving to a licensed setup?

Well, I learned that you should never talk about M&A plans, and neither deny nor confirm anything. You always must be cautious when you talk about the future. What I can say is that we have been studying for the last years options.

«The presence in Moscow is also a sign of a strong commitment to the country»

But for the moment, we are not ready and it all boils down to needs when you have a strong need and strong requirement from business partners and clients to fulfill. Then eventually you move to the setup and provide the products that can help. For the immediate future, I think, the setup will not change.

Why was it a good decision to set up this representative office?

It is clearly a wish to be close to our core market and to our clients. The representative office is something that comes out of that. It is an indicator of the fact that we understand that we need to be and want to be close as an institution and as a brand to our clients.

We have many Russian clients and we have always had Russian clients right from the start. The presence in Moscow is a huge enabler, and it is also a sign of a strong commitment to the country. It is of great help and assistance to existing relationships, as well as traveling relationship managers.

«I am 50 years old, and I have lived 21 years in Russia»

It is the point where people want to meet if they want to have something explained on spot and they cannot travel to Switzerland, and it is the point where traveling advisers meet their business partners.

In the last two years, the representative office was a great help to bridge the distance between people when traveling was impossible or difficult – due to the virus, obviously. This experience has shown us, how valuable it is to have an office with experienced staff in Moscow.

Tell us a bit about the man behind the Moscow office – that is you.

I am 50 years old, and I have lived 21 years in Russia. I am an economist and a Russian linguist and literature specialist by upbringing. I joined Marcuard Heritage eight years ago and worked before with Lombard Odier and UBS. So, I have a clear banking biography.

Why this is important?

Because it shows that I am also very committed to Russia. I have been here for more than 20 years. I tried with my family to emigrate twice – in 2009 and 2016 to London and Zurich, respectively.

But after one year we returned to Moscow. For me, this is the place where I want to live. I am very much committed to being here. I think that is maybe the whole point talking about myself in this context, and about the culture. I have a lot of good things to say about the cultures of the other companies where I worked. But, I think a lot of the cultural differences have to do with the size.

«The place where I work also should feel a bit like home»

In a place like Marcuard Heritage you know everybody. People stay with us normally for a long time. There is a lot of trust between the people. We know each other very well. This is very important because work is such a big chunk of my life. The place where I work should also feel a bit like home.

And finally, the smaller an organization is, the more central people are to everything.


Michael Kuenzi is the chief representative for Marcuard Heritage in Moscow and a member of the Group Executive Committee. He joined Marcuard Heritage in June 2013 after four years as head of Lombard Odier’s office in Moscow. Before Lombard Odier, he was a managing director at UBS, where he was responsible for the set-up of the Russian wealth management platform in a banking subsidiary in Moscow. He holds a Ph.D. in Russian literature and linguistics and a license in Economics and Political Sciences from the University of Berne.