Zurich-based Vontobel completed the merger of its offshore business for wealthy Americans with that of UBS. Now comes a surprising new appointment at the top.
Peter Romanzina, currently head of research for Swiss equities at Vontobel, is taking on a much more exotic role. On December 15, he takes over as CEO of Vontobel subsidiary Vontobel Swiss Wealth Advisors (VSWA), the Zurich-based investment firm announced Wednesday.
VSWA specializes in the Swiss business with the offshore assets of US citizens. The designated CEO is expected to lead the new entity that will be created with the merger of Vontobel SFA (formerly UBS Swiss Financial Advisers) and VSWA at the end of the first quarter of 2023.
Georg Schubiger as Chairman
The merged company will operate under the name Vontobel SFA. Juergen Wegner, the head of the former UBS unit, becomes deputy CEO alongside Romanzina. Meanwhile, Jean-Philippe Bertschy becomes head of the Swiss Equity Research team.
The new Vontobel SFA brand, as well as the chief executive appointments, are a surprise in that Jacqueline "Jackie" Hess previously led VSWA and was also jointly responsible for the merger with the UBS unit. In the spring of 2021, Vontobel lured Hess from Deloitte. In the merger structure, she now still acts in the role of vice chairman. Georg Schubiger, the group's head of private banking (wealth management), is chairman.
Number One
Vontobel still has a woman in a prominent position in its US business. The Group also announced earlier this month that Melissa Demcsik takes over as the new CEO of Vontobel Asset Management's fund business in the US at the end of March next year.
Vontobel had already completed the acquisition of UBS SFA in August. With the assets under the management of the two SEC-approved entities, Vontobel is the largest Swiss asset manager for US clients who have parked their assets in Switzerland. Combined assets under management more than doubled to around 10 billion Swiss francs as a result of the transaction.
