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Former UBS top banker Juerg Zeltner isn’t officially greenlighted in his new job, but already has a wealth manager in his sights, finews.asia has learned.

Last month, Swiss banker Juerg Zeltner told finews.ch (in German) he planned to rapidly expand KBL European Private Bankers. The former UBS private banking head took is headed for the Luxembourg-based wealth manager, which he took a stake in and will run.

European banking overseers haven’t officially signed off on Zeltner at KBL, but the Swiss banker is already sniffing out targets. KBL recently made a non-binding offer to Bank am Bellevue after conducting due diligence, according to three people familiar with the matter.

Mulling Options

The bank is part of a broker-cum-asset manager which has tried to break into wealth management in recent years – with mixed results. Bellevue acknowledged this in a statement to finews.asia when asked about a potential deal with KBL.

«Bellevue Group's goal is to lift recurring revenue in the bank and wealth management with private clients. The new positioning we've launched is very difficult in the current environment and doesn't meet the expectations of our board and management,» the group said. «As disclosed during our full-year results, we see the need to adjust our strategy. Thus, we are evaluating different options.» 

Swiss Entree

For KBL, which didn't comment to finews.asia, Bellevue would represent a relatively swift and economical way to a Swiss banking license. It ticks off Zeltner’s domestic ambitions and provides a springboard into the world’s largest offshore banking market. KBL would also afford Bellevue a far wider distribution network for its investment products.

Bellevue Group’s decision to offload the banking unit, chaperoned by consultants from PwC, represents a reversal of the wealth strategy. Under CEO Andre Rueegg, Bellevue has attempted to convert into a private bank for the rich, including entrepreneurs.

Bellevue's Travails

As recently as February, Rueegg pledged to further hone Bellevue’s strategy and launch a «house of ideas» for exclusive investment offerings. Two weeks ago, Bellevue snapped up Adbodmer, a boutique specialized in mid-cap mergers and acquisitions, in a bid to diversify its revenue in a wealth management niche.