In what has been a tumultuous few weeks in the normally placid world of Swiss private banking, another senior departure is rumoured to be in the works.
The man running the largest wealth manager in the world Juerg Zeltner, the head of UBS' $1.3 trillion wealth management business, and a member of the group executive board is preparing to step down, according to a report from news agency «Bloomberg».
finews.asia named Zeltner as one of the potential successors for recently departed Boris Collardi as chief executive at Julius Baer. Although a smaller role a move to Baer could represent Zeltner's last chance to run a Swiss bank, after the air has become somewhat thin for him at UBS. The veteran private banker is no longer in pole position to inherit the CEO spot at UBS from Sergio Ermotti, who is showing little sign of moving on after six years.
Under Zeltner, UBS' private bank has not delivered the success that was hoped for under the 2012 pivot to wealth management. Zeltner, also doesn't command the personal support that the top UBS job would require. Walking across the street to Julius Baer could be Zeltner's salvation. UBS in Asia refused to comment on the report when contacted by finews.asia.
More to follow.
