A renowned private banker hired by former Pictet partner Boris Collardi is leaving the Geneva-based private bank after just three years. His successor is already in place.
After three years of building Pictet Wealth Management (PWM) in the Middle East and Africa, Daniel Savary (pictured below) has decided to leave the Geneva-based private bank, according to research by finews.com. A spokesperson for the company confirmed the information upon request.
Savary's successor, effective immediately, is Yves Bruggisser, equity partner and current head of PWM Middle East (ex-Saudi Arabia) & North Africa in Geneva.
He will assume responsibility for all wealth management activities in the Middle East and Africa from Geneva, Zurich and Dubai. In this role, he will also become a member of PWM's Executive Board.
Equity Partner Since 2020
Bruggisser will report to Marc Pictet and continue to operate out of Geneva, according to further research. The head of PWM Saudi Arabia, Saeb Chehabeddine, and the head of the Middle East and Africa division in Zurich, Wael Hamroush, will henceforth report to Bruggisser.
Bruggisser joined Pictet in 1999, where he was a financial analyst covering the U.S. consumer discretionary sector. After five years on Pictet's equities research team, he joined PWM's middle east team as an investment specialist before becoming a senior private banker and team leader. In 2020, he was named an equity partner.
By Mutual Agreement
Savary moved from Julius Baer to Pictet at the end of 2018 with an 18-person team, finews.ch also reported. The "poaching coup" from Pictet came just six months after former Julius Baer CEO Boris Collardi joined Pictet as a partner.
It is recalled, however, that Collardi was unable to assert himself at Pictet and – by «mutual agreement» – left the bank again in August 2021, as also reported by finews.ch.
Becoming Understandable
Against this background, Savary's latest departure becomes understandable in a certain sense. Savary had already moved to Julius Baer from Clariden Leu in 2012, also with an 18-strong Middle East team.
