The Brazilian-Swiss private bank is replacing its CEO. The move comes shortly after an ex-UBS heavyweight banker took over as chairman.
The Swiss private bank named Daniel Belfer (pictured, left) as its CEO, effective on Friday. The 44-year-old Brazilian banker replaces Edmond Michaan, who has been in the job since 2013, after the acquisition of Basel-based Sarasin by J. Safra of Brazil.
Safra Sarasin gave no reason for the move, which comes four weeks after former UBS private banker Juerg Haller took over as chairman. Michaan will become head of strategy at the bank as well as the wider J. Safra Group, including real estate and other private investments.
He will also be proposed to the board of Chiquita, the banana distributor controlled by the Safra family and based in Switzerland.
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Belfer, who has worked for the Safra family's wealth arm for 19 years, currently runs J. Safra Sarasin's trading, asset management, and treasury. He began his career as a fixed income trader in the U.S. and in 2004 was named head of trading for Safra's U.S. bank. Before moving to Geneva in 2010, he was CEO and director at Safra Sarasin's Bahamas arm.
He turned up on top management of the wealth manager seven years ago, when he was named head of trading for the bank and head of credit for the family's overall holdings. Oliver Cartade, who manages the bank's London branch, will replace him as the new head of trading, treasury, and asset management.
Besides Cartade, general counsel Stephane Astruc, wealth management boss Elie Sassoon, and operating chief Marcelo Szerman round out Safra Sarasin's top management. The wealth manager recently turned up a wide-ranging money laundering probe connected to Brazilian state-controlled oil firm Petrobras.
