The U.S. bank is poaching two heavyweight private bankers from UBS, finews.asia has learned. The move is part of Goldman Sachs' bid to kickstart its business with the ultra-wealthy.
Goldman Sachs is hiring Alain Krueger and Marc Mandosse from UBS, a person familiar with the move told finews.com. The new hires are Goldman's bid to reinforce its business with the ultra-wealthy out of Switzerland, the world's largest center of offshore wealth.
The move comes nearly one year after Goldman began quietly building up in Geneva, three years after it pulled out. Both Krueger, who is to co-run Goldman's Geneva office with Marie-Ange Causse, and Mandosse are poised to join the bank in the course of this year.
Heavyweight Duo
Both are heavyweights in private banking: Krueger (pictured below) is currently head of UBS' ultra-high net worth and family office activities in French-speaking Switzerland; Mandosse is his deputy. UBS dispatched the duo to Geneva seven years ago to build the super-rich business as well as to tie it more closely to UBS' investment bank.
The experience makes Krueger, a former investment banker, and Mandosse perfect candidates for Goldman. Stefan Bollinger, Swiss boss and co-head of wealth management in Europe, the Middle East, and Africa, outlined Goldman's strategy last year: win clients with more than $30 million in bankable assets with an intense financial advisory offering closely linked to its powerhouse investment bank.
Wider Wealth Ambitions
Specifically, Bollinger wants to win entrepreneurs and business owners shortly after «liquidity events» such as private equity disposals or initial public offerings. In Switzerland, where Goldman last year poached Dominique Wohnlich from Lombard Odier, Bollinger wants to hire as many as 30 private bankers this year. In wider Europe, the bank targets hiring roughly 100 more advisers.
Geneva is emerging as a linchpin in Goldman's plans to more closely link up wealth management with investment banking for the wealthiest segment of clients. The strategy encroaches on one pursued by UBS and Credit Suisse in recent years. Goldman's market share with the ultra-wealthy is estimated as just over one percent.
