The Redstone Private Banking Update: Q2 2021
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The Redstone Private Banking Update Welcome to the Redstone Private Banking Update: Q2 2021 Recruitment within the private banking market continued to grow and strengthen throughout Q2 2021. Overall moves are up, and this is represented as both Asia and the Americas increase their total volume of moves with hiring within the EMEA regions remaining consistent with the Q1 report. As vaccines are administered and restrictions begin to lift globally, hiring plans can now begin to be executed with some confidence. Many hires are taking place without employers meeting their new employees face to face, with video conferencing being front and centre for companies’ growth plans worldwide. Whether this trend is here to stay or if we see a reversion to travel over the next twelve months remains to be seen. One thing is certain however, we are seeing rapidly increasing interest in new search projects and strong candidates are currently in very high in demand. Interestingly, as lockdowns are easing, we have also seen a hugely increased appetite for change from the candidates front as well. We expect Q3 to follow this trend and represent the largest volume of moves since the pandemic began. Noteworthy Talent Moves in EMEA Recording precisely the same total of moves globally in Q2 as in Q1 in total, EMEA this Quarter represented a roughly identical number of hires/appointments over Q1 with 42.9% of tracked hires. This taken alongside the backdrop of the marketplace currently – principally within Europe – seeing soaring markets and increasingly active clients. It is noteworthy that the highly digitized outfits which were recording such rocketing financial results were also amongst those making hires. With UK inflation overshooting forecasts for a second month, it was reported that with banks shifting jobs out of London and into other European financial centres, Europe was buzzing with both overseas banks ramping up their continental operations plus local banks continued to hire within the region – sparking record years for some European talent hunters. BBVA made headlines also by announcing bitcoin trading sand storage would be available for its private clients in Switzerland. Simon Durrant – most recently Senior Private Banker – Private Wealth UHNW with Santander Private Banking – has been appointed to the position of Director, Wealth Manager with Coutts in London. Durrant spent just over five- and-one-quarter years with Santander Private Banking, joining the firm Q1 2016 from HSBC where he’d spent close to fifteen-and-a-half years, holding the role of HNW Private Client Director with the firm from Q4 2012. Yael Rabinowitz – most recently Managing Director, Head of Israel Wealth Management with Deutsche Bank – has been appointed to the position of Managing Director, Co-Head Global Key Clients with Bank J. Safra Sarasin Ltd. in Geneva. Rabinowitz spent just over ten years with Deutsche Bank, joining the firm as VP Private Wealth Management Q2 2011. Bank J. Safra Sarasin has also appointed Asaf Raveh – most recently MD, Market Head Wealth Management Emerging Europe with Deutsche Bank – to the position of Managing Director, Co-Head Global Key Clients in Geneva. Raveh spent just under twelve-and-a-half years with Deutsche Bank. Adrien Fauche – most recently Senior Private Banker with Landolt & Cie SA – has been appointed to the position of Director with Alias Partners SA in Geneva. Fauche spent just over four-and-a-half years with Landolt & Cie SA, joining the firm Q4 2016 from BNP Paribas where he’d held the role of Private Banker from Q2 2010. It is reported that Close Brothers Asset Management has hired Rob Crawshaw as a Managing Director in its Mayfair office - he will join the firm in the autumn of 2021. Crawshaw is currently at Rathbones, where he manages a range of portfolios on behalf of private clients/ charities. He first joined the firm in 2013. Sanjeev Sharma – most recently Managing Director with Julius Baer – has been appointed to Credit Suisse’s North Asia Switzerland Team in Zurich. Sharma spent just over four years with Julius Baer, joining the firm mid-2017 from Bank Of Singapore where he’d held the role of Executive Director & Team Head Hong Kong from Q1 2014. Prior to this he spent just under four years as Director with Standard Chartered Bank. Jackie Hess – formerly Managing Partner of Deloitte Private Switzerland – has been appointed to the position of CEO of Vontabel Swiss Wealth Advisors in Zurich. Hess spent just over fifteen- and-a-half years with Deloitte. Anna Kashirskaya – former Executive Director – UHNW Emerging Europe & Russia with Intesa Sanpaolo Private Banking in London – has been appointed to the position of Executive Director – Senior Banker for Emerging Markets & Russia with Banque Internationale à Luxembourg BIL in Zurich. Kashirskaya spent just under three- and-a-half years with Intesa Sanpaolo Private Banking, joining the firm mid-2017 from JP Morgan where she’d held the role of Senior Private Banker – Vice President – UHNW PB Russia from Q3 2014. Raj Sachdev – most recently Vice President Sun Global Investments Limited – has been appointed to the position of Private Client Director with AHR Private Clients in London. Sachdev joined Sun Global Investments Limited Q4 last year – prior to this he held the role of Vice President, Private Banker with EFG Private Bank in Bahrain from Q1 2019. Anthony Nüscheler – most recently Vice President with JPMorgan Chase & Co. – has been appointed to the position of Senior Private Banker with Pictet Wealth Management in Geneva. Nüscheler spent just over eight-and-three-quarter years with JPMorgan Chase & Co. Peter Chamlian – most recently Geneva Location Head for Middle East & Africa with CA Indosuez SA – has been appointed to the position of Senior Vice President with EFG Bank in Geneva. Chamlian first joined CA Indosuez Q1 2006 from Libano-Francaise Finance SAL. Enrico Roubin – most recently Private Wealth Manager with VALORI Asset Management – has been appointed to the position of Investment Counsellor with Fisher Investments in Dublin. Roubin joined VALORI Asset Management Q4 last year from Intesa Sanpaolo Private Banking where he’d held the role of Private Client Advisor from Q1 2020. Fredrik Holmqvist – most recently Associate Wealth Management with Core Capital Management SA – has been appointed to the position of Investment Counsellor with Fisher Investments Europe in Luxembourg. Holmqvist spent just under two years with Core Capital Management SA – joining the firm from Nordea Bank SA International Private Banking where he’d held the role of Analyst, Portfolio Management from Q3 2017. Jürg Jost – most recently Executive Director with Bank Julius Baer – has been appointed to the position of Senior Client Advisor Intermediaries with VP Bank AG in Zurich. Jost spent fifteen-and-one-quarter years. Per Aberg – most recently Senior Relationship Manager with VP Bank – has been appointed to the position of Private Banker with Kuylenstierna & Skog S.A. Aberg formerly held the role of Partner with Banque Ohman for just over fourteen-and- a-half years from mid-2006. Nicolas Pallucca – most recently Private Banking Relationship Manager with Natixis Wealth Management – has been appointed to the position of Private Banker with Lombard Odier Group in Luxembourg. Pallucca spent just over three years with Natixis Wealth Management, joining the firm Q2 2018 from Credit Suisse where he’d held the role of Relationship Manager from Q1 2011. Jan Paffenholz – most recently Team Leader Private Banking T1 with Banque International à Luxembourg BIL – has been appointed to the position of Senior Private Banker with Banque de Luxembourg. Paffenholz spent two-and-a-half years with Banque International à Luxembourg BIL. It is reported that Goldman Sachs is hiring Gabriel Aractingi as its Head of Private Banking in the Middle East and North Africa. Aractingi, who is based in Geneva, spent the last three years in a similar role at UBS, where he is a Managing Director. Aractingi joined UBS three years ago from Investcorp Bank, a Bahrain wealth manager where he was in charge of the Saudi Arabia business. He previously held the same role at Morgan Stanley. It is reported that Deutsche Bank International Private Bank [IPB] has hired Adam Russ as Co- Head of Lending EMEA, building out its capabilities for family entrepreneurs who require a one-stop solution for their private/company needs both on the asset and liability side. Russ joins this month from Goldman Sachs, where he was responsible for Lending in EMEA and Latin America since 2014. He previously worked at Barclays from 2007. He will be a Managing Director based in London, reporting to Alessandro Caironi, IPB Head of Lending, Advisory & Sales and will closely work with Marco Pagliara, Head of IPB EMEA. Jérôme Deroubaix – most recently Private Banker Family Business Expert with ING Belgium – has been appointed to the position of Private Banker with Degroof Petercam. Deroubaix spent nine-and-three-quarter years with ING first joining the firm Q3 2011. Dean Stewart – most recently Relationship Manager with HSBC Private Banking – has been appointed to the position of Senior Private Banker with Kleinwort Hambros in Cambridge. Stewart spent just over three-and-one-quarter years with HSBC Private Banking, joining the firm Q4 2017 from Coutts where he’d spent just under twenty years, holding the role of Private Banker with the firm. It is reported that Quintet is hiring Thomas Klein as its Head of Asset Servicing for Financial Intermediaries, according to a statement. Most recently, Klein held a similar role with UBS' Luxembourg arm and before that was the Swiss wealth manager's risk chief for the country. Klein joins former colleague Stephan Matti, an UBS lifer who became a partner at Quintet in 2019 and oversees all business with intermediaries. He will report to Thomas Rodermann, who now oversees Quintet's European hub, as well as to Matti.