A seasoned UBS banker was meant to steer the Zurich asset manager towards new horizons. But he has now suddenly and unexpectedly quit the company, as research by finews.ch reveals.
He was appointed to reform the independent asset manager Sound Capital as reported by finews.ch. But after just one and a half years in the job, Simon Grossenbacher will be unexpectedly stepping down at the end of 2024, according to research by finews.ch and a post on LinkedIn.
Grossenbacher moved over from UBS to the Zurich-based company. Now 41, the Bernese man worked for the major bank for nearly 25 years, holding various top positions. He started out as an apprentice in Bern before going on to oversee private banking markets such as Turkey, Israel, and Greece. He recently held a senior position at the Swiss booking center of the global banking conglomerate.
Unusual Time
Grossenbacher’s departure comes at a highly unusual time, as 2024 could be the year Sound Capital really takes off: the company got its Finma license and completely exited the business with Russian clients, the latter, after a former founding member of Sound Capital was mentioned in the context of «secondary» sanctions by the USA.
His name appeared on the lists of the Office of Foreign Assets Control (OFAC) at the U.S. Department of the Treasury and was cited in the context of a Liechtenstein trust company that is said to have provided services to the sanctioned Russian oligarch Alisher Usmanov. Sound Capital subsequently suspended the partner and revoked his signing authority.
Climbing More Peaks
It is not yet clear what the exact reasons for Grossenbacher’s sudden departure are. But it would hardly be a surprise if he were to reemerge at UBS, especially having worked there for nearly a quarter of a century. The official explanation is that, having recently completed his supplementary EMBA program at ETH Zurich/University of St. Gallen (HSG), he has decided to «explore new professional horizons».
A month ago, he announced to his friends: «I now [having completed my studies] feel ready to climb more peaks!»
The vacancy left by Grossenbacher’s resignation is being initially filled by Oliver Schmid «as part of a professional replacement and succession process,» as further information reveals. Schmid was previously the chief operating officer (COO) and so has the necessary experience and qualifications to continue leading the company.
Metropol Partners Rebranded as Sound Capital
The independent asset manager Sound Capital celebrated its tenth anniversary last year. Founded in 2012 as Metropol Partners, it brought together some of the most successful client advisors from the former Credit Suisse subsidiary Clariden Leu under Anthony Cagiati’s leadership.
In 2014, it changed its name to Sound Capital. The company says it now has just over 50 employees and manages over 4 billion Swiss francs in client assets.
