The Swiss unit of independent asset manager Stanhope Capital is unexpectedly coming under new management. The outgoing boss has been elected to head a local industry association.
A new boss is taking over at the Swiss branch of Stanhope Capital Group in October, the international independent asset manager announced on Monday, with Laurent Mazens taking the reins in the Geneva office.
In a surprise announcement, Mazens takes over from Nicole Curti (pictured below), who built up the local business but was not mentioned in the official announcement. Under Curti, who joined the company in 2008 from the Geneva-based private bank Lombard Odier, Geneva became the group's most important location after London, with around 15 employees.
(Image: Christophe Senehi)
A Large Force in Switzerland
Within the group, Curti sat on the executive committee as a chief operating officer (COO) along with CEO and founder Daniel Pinto, a former executive at UBS Warburg in London and Paris. Pinto expanded the group's assets under management to $27 billion worldwide under his aegis. With the company's holding headquarters also in Geneva, Stanhope Capital is among the largest independent asset managers in Switzerland.
Curti's replacement is all the more surprising given that she was elected as president of the Alliance of Swiss Asset Managers (ASV) in March, as finews.com reported. ASV brings together the largest independent asset managers in an industry that is under increased scrutiny in light of its mandatory subordination to the Swiss Financial Market Supervisory Authority (Finma) by the end of 2022.
When asked by finews.com, Stanhope Capital would not comment further on Curtis' departure. She will continue her career outside the company. Meanwhile, ASV said Curti remains president of the association.
Zurich Acquisitions Possible
Mazens, her successor, is viewed internally as a star of Swiss private banking. His previous experience includes private banking at French bank Société Générale, as well as UBS and Credit Suisse. For the past two years, he was CEO of Geneva-based asset manager JAR Capital. He will be supported in his role by Karim Bertoni, a four-year veteran of the firm, who will serve as head of investment (CIO) for the Swiss market.
It was further learned that Stanhope Capital is considering acquisitions in Geneva and Zurich under Mazens. Given the increasing demands of regulators and clients, various smaller Swiss competitors are considering joining the industry giants.
