Laurent Gagnebin is one of the new breed of Swiss bankers attempting to flourish without banking secrecy. He details Rothschild's plans to expand in private banking in Asia to finews.asia.

Greeting his guests in his corner office overlooking Lake Zurich, Laurent Gagnebin eschews a tie – a departure in the cultivated world of Swiss private banking, where gravitas relies heavily on tradition and appearances. The 40-year-old is the son and grandson of private bankers, but didn't immediately follow the path.

Gagnebin spent his early years as a banquet manager in luxury hotels – he once had to tell a bride that the hotel had forgotten to order her flowers. For another, he conjured up a jukebox with Frank Sinatra songs at midnight.

Remember to Think

«You learn to find a practical solution as soon as possible – you become a lot more practical than at university,» the native Vaudois and keen marathon runner tells finews.asia in his first interview.

A solar-powered Albert Einstein figurine, perpetually tapping his forehead – a gift from his daughters, to remind him to think – on his desk seems to attest to this.

Gagnebin left hospitality for banking fourteen years ago. He absolved a stint at Goldman Sachs' private bank in Geneva, which has since been shuttered, along the way. He has been head of Rothschild's Swiss private bank for eight months.

Mr. Gagnebin, Rothschild typically hasn’t been very aggressive in Asia. Tell us what you’re planning there.

I think we’re not present enough from a wealth management point of view in Asia, and we have already made some changes. We hired Audrey Zau in 2015.

Just because of the sheer number of people and growth, if you look at where the millionaires are going to come from in the next decades, I think Asia offers a pretty good story.

Why has Rothschild been hesitant to do this in the past?

I think that we probably haven't put enough emphasis because we focused on our domestic markets so to speak: the U.K., France and Switzerland.

«We haven’t put enough effort and resources in Asia I would say»

From a resources point of view, we’ve just focused on the low-hanging fruit close to the home and we haven’t put enough effort and resources in Asia I would say.

How quickly do you want to grow?

We want to grow our assets by about 15 percent annually in Asia against the existing asset base. We only have the Swiss platform, we don’t have a local booking center in Asia. The cost of running such a booking center has been a problem for many banks.

«We're very focused on our discretionary offering with a long-term view»

In Asia, we're very focused on our discretionary offering with a long-term view. This sets us apart from most local players, who offer mainly brokerage services.

You grew up in a private banking dynasty. Did you always want to go into finance?

Not at all. I went to École hôtelière de Lausanne, which I think is a fantastic education and I hope that my girls will do that. I would definitely encourage them to go there.

I feel that the hospitality industry and private banking are not that different: it’s around the clients.

«t's time that Swiss banks put the client back at the center of their concerns»

In the past five to seven years, we focused on compliance, risk, Fatca – you name it – mostly on regulatory issues. Banks haven’t actually focused enough on the clients: what can I do to serve my clients better, what does he need, how can I improve my relationship with him and understand him better? 

«When I was at Goldman Sachs, people didn't care about it»

It's time that Swiss banks put the client back at the center of their concerns again.

Your father is legendary private banker George Gagnebin. Has that ever been a burden to you?

Not at all. It’s only since I’ve been at Rothschild in Zurich that I get that question more. And it’s still not a burden – it’s actually a pleasure. When I was at Goldman Sachs, people didn't care about it – only performance counts (laughs).

The 40-year-old Laurent Gagnebin joined Rothschild Wealth Management Equitas, the Genevan arm of Zurich-based Rothschild, in 2011. Prior to that, he ran Investec Bank in Geneva. He got his start in finance at Goldman Sachs in Switzerland, after working in the luxury hospitality industry for several years following his education at the École hôtelière de Lausanne. He succeeded Veit de Maddalena as head of Rothschild in Switzerland last July.

Laurent Gagnebin is the son of George Gagnebin, a Swiss private banker who was part of UBS' top management following its merger with Swiss Bank Corporation. Today, the elder Gagnebin is chairman of Geneva-based Banque Pâris Bertrand Sturdza.

This interview is part of an exclusive talk with Gagnebin published on finews.com.