The Redstone Private Banking Update Welcome to the Redstone Private Banking Update 2019: Q4 As we move into 2020, we can reflect on an interesting year that has seen an acceleration in investors seeking to diversify their portfolio towards greener, cleaner and generally more sustainable investments. Trouble in Hong Kong has massively impacted recruitment in the region (possibly an understatement) with the vast majority of activity in the region moving towards Singapore. The UK continues to be the primary mover and shaker in the EMEA region seeing the highest volume of moves followed by Switzerland. In the Americas, recruitment has definitely had a major slowdown this year with very few moves registered throughout the whole of the LatAm market. Positive signs moving into 2020 are largely the stage one completion of the US – China trade deal and the Conservative landslide victory in the UK general election. Both events are widely seen to be key for unlocking investment both locally and globally, although exposure to the Hong Kong market remains a concern for many. Noteworthy Talent Moves in EMEA The moves are more evenly spread than last quarter, with the UK market still in the lead regarding total volume of moves but with a reduced overall percentage, 37% this quarter vs 40% from the last. Overall the total moves tracked within the European aspect of EMEA far outweighed the Middle East and African markets. A significant portion of the moves tracked were team head and C-Suite level hires reflecting some of the strategic changes taking place in the market. It is reported that Luxembourg Wealth Manager KBL is hiring former Edmond de Rothschild Executive Emmanuel Fievet to run its Luxembourg arm. Fievet replaces Carlo Friob, who is to leave the firm. Prior to joining Rothschild in 2014, Fievet worked within Barclays' UK wealth arm – also serving stints with UBS/Citigroup/JP Morgan. This news follows the Q4 report that KBL had hired Kris Tegg – former UBS Banker behind robo advisor Smartwealth – the firm also enlisting ex-Europe Head Jakob Stott and former Finance executive Dagmer Kamber-Borens of UBS – along with Colin Price, who worked extensively in a consulting position with UBS. Secondly it is understood that KBL is hiring Søren Kjær to run a new branch in Copenhagen – looking to spearhead a push into the Nordic region, reportedly initially with five or six Private Bankers. Kjær most recently served the role of Market Head of the Nordics for UBS' super-rich clients demographic. Europe Arab Bank has appointed Iyad Quttaineh – most recently Managing Director with Emirates Investment Bank – to the position of Head of Private Banking – he relocates from Dubai to London for the role. Quttaineh spent four years with Emirates Investment Bank – joining the firm Q4 2015 from Credit Suisse where he held a senior UAE-focused role from mid-2014. Prior to this he held the role of UK Head of Private Banking with Emirates NBD from mid-2010. Van Lanschot - the oldest independent private bank in the Netherlands - has appointed Bob Leysen – most recently Relationship & Wealth Manager with Belgian wealth & asset management boutique firm Econopolis – to the role of Senior Private Banker in Antwerp. Leysen spent just under three years with Econopolis, joining the firm Q4 2016 from BNP Paribas where from Q1 2015 he held the position of Private Banker. Paul Arni has taken up his new position of CEO with VP Bank Group in Zürich. His appointment was announced toward the end of Q2 this year – Arni most recently held the role of Head Wealth Management Switzerland and a member of the Board of Management of Deutsche Bank (Switzerland) AG. Prior to that, he held the role of Market Head Zurich and Deputy Regional Manager Switzerland with Bank Julius Baer & Co., where he was responsible for private banking operations in the greater Zurich area. Anthony Lukac – most recently Director of Private Banking with OTP Banka Hrvatska dd [OTP] – has been appointed to the position of Senior Partner – Head of Investment Banking with newly-formed European Investment Bank Oaza Capital. Lukac joined OTP Q2 2017 – he’d formerly spent just over a decade with INTESA SANPAOLO Group in Zagreb, Croatia – holding the role of Chief Relationship Manager with the firm from the close of 2010. Ruben Petersen – most recently Senior Private Banker with Banque Internationale à Luxembourg [BIL] – has been appointed to the role of CEO with WPC ApS. Petersen spent four-and-three-quarter years with BIL – joining the firm in 2005 from Kaupthing Bank where he held the role of Manager Private Banking from 2000. Arbuthnot Latham & Co., Ltd has appointed Damien Goldsack – Director with Coutts – to the role of Senior Private Banker. Goldsack joined Coutts Q2 2015 after seven years with NatWest. EFG Private Bank has appointed BEMO Europe veteran Tony Yarak to the position of First Vice President in Luxembourg. Yarak spent over twenty-eight-and-a-half years with BEMO Europe – holding the role of Commercial Director from the start of 2018. Secondly EFG Private Bank has appointed Maria Eleni Ampatzi – most recently with RBC – to the role of Director in London. Ampatzi spent eleven years with RBC, joining the firm from the close of 2008 after five-and-a-half years with Barclays Wealth where she held the role of Relationship Manager. Senior Private Banker Jean Delva – most recently of ABN AMRO Private Bank – has joined Nagelmackers in Liège, Belgium. Delva joined ABN AMRO Q1 this year from Société Générale where he held the role of Private Banker from the close of 2017. Prior to this he spent seven-and-a-half years with ING. Delva is joined within Nagelmackers by fellow ABN AMRO Private Bank alumnus Chris Vanslembrouck – she joins the firm as Senior Private Banker after spending one year with ABN AMRO. Vanslembrouck formerly held senior private banking positions with Bank Degroof/Van Lanschot Bankiers over a period totalling eighteen years. Delen Private Bank has appointed Q4: Hiring Activities in EMEA BNP Paribas Fortis veteran Inez Derpoortere to a senior private 37% banking position in Bruges, Belgium. Derpoortere spent nineteen-and-one- quarter years with BNP Paribas Fortis – holding the role of Private Banker from the close of 2007. FNB Private Wealth has appointed experienced 18% 18% 16% Financial Planner Leon Fourie of Standard Bank Group to the position 11% of Private Banker. Fourie joined Standard Bank Group Q3 2018 from Absa Group where he’d held the role of Financial Advisor from mid-2017. Senior Private Banker Demjan Dušan Switzerland UK Benelux Europe Middle East has been appointed to the position of (Other) & Africa Private Wealth Manager with Deluvis Wealth Management. Dušan was appointed to the position of Private Banker with Slovenská Sporiteľňa Q3 2007. It is reported that Syz is hiring Mehdi Lakhdar and Andrea Bodini-Nocent, appointed to the firm as Private Bankers in Geneva and Lugano, respectively – looking to bolster the firm’s domestic activities with rich entrepreneurs [with both reporting to Lorenzo Romano, SYZ's Head of Switzerland and Europe.] Lakhdar joins the firm from Banque Cantonale de Genève, where he advised the ultra-rich segment - Bodini-Nocent was most recently with EFG in Luxembourg – he formerly worked within Société Générale. Nikolai Jelev has been appointed to the role of Managing Director with integrated wealth management firm MARCURD Heritage AG in Zürich – he most recently the role of Head Russia/Eastern Europe desk with Banque Havilland SA. Jelev first joined Banque Havilland SA mid-2015 as Director Private Banking in London – prior to this he’d spent close to three-and-a-half years as Vice President/Wealth Manager [Russian Clients] with Credit Suisse from Q1 2012. Senior Private Banker Filip Faes – most recently with Bank Degroof Petercam – has been appointed to a senior position with Lombard Odier Group in Antwerp. Faes spent over nine-and-one-quarter years with Bank Degroof Petercam – joining the firm mid-2010 from Deutsche Bank where he’d held the role of Financial Center Manager from the start of 2006. Ryan Greenall – most recently Head of Specialised Lending [Central] with Nedbank Private Wealth South Africa – has been appointed to the role of Senior Portfolio Manager with SASFIN in Johannesburg, South Africa. Greenall first joined Nedbank Private Wealth as Specialized Lender mid-2015 from RMB where he’d held a structured lending position from Q1 2013. It is reported that A&G Private Banking has appointed Guillermo Álvarez Marrodan to the position of Private Banker to the firm’s Madrid team - he joins the firm from Lombard Odier in Spain, where he held the role of Senior Private Banker. Prior to this, he held the role of Private Banker at the Madrid office of Credit Suisse for twelve years. It is understood also that Spanish independent investment boutique Renta 4 has expanded its private banking team with the appointment of Carlos Pérez Alonso to the firm’s Madrid office – he joins from ATL Capital, where he held responsibility for financial advisory and asset management tasks across all asset classes for three years. This follows the firm's Q4 launch of a Client Solutions Unit, for which it appointed Juan Sánchez del Campo to lead it. Kerstin Engler – Head UHNW Sub-Saharan Africa with UBS – has been appointed to the role of Senior Wealth Manager with Geneva Management Group in Zürich. Kerstin Engler joined UBS Q3 2000 in a market development role specialising on Greece, Turkey, Cyprus – subsequently appointed to the role of Desk Head Sub-Saharan Africa mid-2012. Richard Lindop – most recently Wealth Manager with Barclays Wealth Management – has been appointed to the role of Investment Director with investment management services firm Brooks Macdonald in London.