Banking Doyen Exits
One of the best-known figures of Switzerland's banking establishment is retreating almost entirely from the industry. The move comes as part of a shuffle and strategy shift at the wealth manager.
Thierry Lombard, formerly known as a senior partner at Geneva's prestigious private bank Lombard Odier, is leaving the board of Landolt & Cie, a small private bank based in Lausanne, according to Swiss daily «Le Temps» (behind paywall, in French). Besides Lombard, Pierre Landolt is also leaving the bank, which manages roughly $4 billion in assets.
Landolt, whose great-grandfather Edouard Sandoz founded the Basel drug firm of the same name, was the eponymous bank's chairman. Both he and Lombard will apparently stay invested in Landolt.
Open Secret
The exit of two key figures at the wealth manager sparks further changes in the board, which will shrink to four directors from nine previously. The Swiss bank named Yann Wermeille, a former executive with Swiss regulator Finma who most recently ran Landolt's fund arm, as its new chairman.
The reasons for the changes aren't clear – though it is an open secret that costs have skyrocketed and profitability tanked for smaller wealth managers like Landolt since banking secrecy was abandoned. Under Wermeilles, Landolt plans a stronger focus on asset management, though Alexis Lombard will continue to run its private banking arm.
Seismic Move
Both Lombards joined Landolt after a falling-out with Genevan wealth management giant Lombard Odier, as finews.asia reported. The move was viewed as «seismic» in Swiss private banking circles.
