A Zurich-based finance boutique appoints the former banker and head of GAM as a board member. He is sure to meet many of his former industry cohorts.
David Solo is a new board member of Zurich-based The Singularity Group (TSG), according to an announcement issued by the company on Tuesday. It also indicated that Solo's election was unanimous.
Singularity's website states the group was founded in 2017 and that it has been «innovating innovation» investment since then, with expertise in the areas of strategy, asset management, stock analysis, research, and entrepreneurship. As part of its activities, it has a team of dedicated professionals in a so-called «Singularity Think Tank» comprising a «global alliance of renowned innovation experts, an acclaimed board of directors and a network of trusted partners».
Meeting Industry Cohorts
Solo will be meeting with some of his erstwhile industry cohorts on the board, given that it comprises Singularity chairman Eric Sarasin who was also the former group deputy CEO of bank J. Safra Sarasin, as well as TSG head and co-founder Evelyne Pflugi, and local serial entrepreneur Tobias Reichmuth.
«We are very pleased to have David Solo on board», the chairman commented on the appointment. «TSG will benefit from his technology background, broad expertise in finance, and many years of management experience,» Pflugi indicated.
Well Compensated
The plaudits may come as a surprise to some, not least given that Solo's long tenure in Swiss finance has not been completely free of controversy.
The former UBS and Julius Baer banker built GAM into a global actor as CEO and was well compensated for his efforts before handing over the scepter to successor Alexander Friedman.
Fatal Consequences
But as previous research by finews.com shows, Solo was also the one who first opened the doors of Swiss finance to Australian financier Lex Greensill, helping the latter to do business with both GAM and Credit Suisse. It would end up having serious consequences for both. In 2019, GAM had to close a fund with links to Greensill, something that it never managed to recover from.
Today the once proud asset manager is little more than a restructuring case.
Loss of Trust
Greensill also became a big debacle for Credit Suisse, particularly after it had to close more than $10 billion in assets in related funds.
That cost a great deal of trust and confidence in the bank at the time and it was one of the factors behind the move by the Swiss government and domestic regulators to force UBS to buy it in March. With everything being said and done, Credit Suisse's Greensill funds are still being liquidated.
