2. EFG International
EFG is the young maverick among the larger Swiss private banks.
In terms of net new money, it positions itself at the top of the compared institutions with an impressive 7.1 percent relative to its AuM.
The duo of CEO Giorgio Pradelli—with the bank since 2003—and former Julius Baer chief Boris Collardi appears to work exceptionally well, underpinning a convincing growth case.
The record profit of 321.6 million francs released on February 19 for 2024 bolsters the credibility of this growth story, as does the acquisition—announced pending FINMA approval—of the Geneva-based private bank boutique Cité Gestion with 7.5 billion francs in AUM.
Cité Gestion had recently expanded rather aggressively in Zurich, where, according to reports, EFG still sees room for catch-up.
EFG has also proven adept as an aggressive first mover in swiftly capitalizing on labor market opportunities following the collapse of Credit Suisse—unlike Lombard Odier, which pursued a similar strategy but has yet to see results.
The bank has shown particular strength in attracting and motivating top private banking talent. Examples include the poaching of former Credit Suisse top teams in Gstaad and St. Moritz as well as in Asia.
EFG’s strong growth in Asia is at least partly coming at the expense of UBS, whose PWM in that market has experienced outflows—a development that, as «Bloomberg» recently explained (subscription required), could pose problems for Iqbal Khan.
