Switzerland is one bank poorer now that Bantleon Bank turned in its banking license. Asset management is now handled by Bantleon AG with a resulting change in personnel.
Bank Bantleon has turned itself into a pure asset manager, having turned in its banking license in May. As an asset manager, the license was no longer needed and gives the new entity cost flexibility above all, the company wrote in a statement (in German) on Tuesday.
The company operates as a manager of collective assets supervised and licensed by the Financial Market Authority Finma.
Joerg Bantleon has stepped down as chairman of the board of directors, with vice-chairman Harald Preissler taking over from him. Joerg Schubert, a member of the board since February steps into the vice-chairman role.
CFO Departs
As part of the reorganization, CFO Marcel Roesch left the company and will devote himself to «new professional challenges» after 23 years, according to the statement.
Simon Staehelin assumes responsibility for the new regulatory and operational structures as a member of the executive board. He has been with the company for ten years and was previously responsible for Legal & Compliance.
Bantleon reportedly manages more than 5 billion Swiss francs in mutual and single-investor funds. The company has 46 employees at locations in Zurich, Hanover, and Munich.
