In February, Rueegg had expressed frustration over Bellevue’s lack of inroads in wealth management. Last year, the bank recorded a far worse-than-expected loss of nearly 8 million Swiss francs ($8.2 million), and also reported client outflows.
Foundered Wealth Strategy
The setback followed the shuttering two years ago of Bellevue’s brokerage and corporate finance business, where the bank could no longer compete due to lack of scale. As part of the move, Bellevue dismissed 25 people – effectively, the bulk of staff – but stopped short of shutting the bank entirely. Instead, Rueegg hired Thomas Pixner to shift strategy into wealth management.
For Zeltner, Bellevue's reversal means KBL gets a bank with 2 billion francs in assets as well as a new technology platform catered to private client business. The move is a start towards Zeltner’s target to vault KBL’s 72 billion euros ($82 billion) in assets to more than 100 billion euros – mainly by acquisition.
KBL's Swiss Disposal
Zeltner, who ran UBS' private bank until the end of 2017, is poised to take over the top spot at KBL as soon as the European Central Bank gives the go-ahead. Qatar's ruling al-Thani family bought the wealth management group as a private investment in 2011.
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