J.P. Morgan is seeking more business with local multi-family offices and asset managers. To do so, it hired two employees with thick address books from competitor UBS.
David Cataldi and Pierre-Olivier Tisseuil have joined J.P. Morgan's wealth management team in Switzerland, the largest American bank announced on Tuesday. Cataldi assumes the services for multi-family offices in Switzerland, with Tisseuil serving as his deputy.
David Cataldi (Image: J.P. Morgan)
The two experienced bankers will focus on services with independent asset managers in the financial center, reporting to Matteo Gianini, to whom Private Banking in Switzerland also reports.
Pierre-Olivier Tisseuil (Image: J.P. Morgan)
Best Industry Contacts
J.P. Morgan maintains multi-family office desks in Geneva, Miami, the U.S., and Singapore, each drawing on the U.S. house's expertise in private and investment banking and asset management. For those clients, J.P. Morgan is a «one-stop powerhouse,» Gianini said.
Both Cataldi and Tisseuil worked for UBS, the world's largest private bank. The former joined in 2012 in the wealth management unit. Tisseuil, for his part, managed multi-family offices and wealth managers in Switzerland and the United Kingdom for UBS, before he moved to Credit Suisse.
Not Just an Investment Bank
It is well known that large U.S. banks, which already dominate global investment banking, rediscovered wealth management and are increasingly moving into this field. Recently, finews.com reported on Citigroup's strategic expansion in Europe, and Wall Street titans Goldman Sachs and Morgan Stanley also have ambitions in this regard.
As it now turns out, Swiss banks serve as a preferred personnel pool for the implementation of such plans.
