Juerg Zeltner, the former head of UBS' private bank who more recently was seeking to revive the fortunes of a small Qatar-owned European private bank, has died. He was 52.
Private bank Quintet said Juerg Zeltner passed away on Sunday of an undisclosed illness. He is survived by his wife and two children.
The 52-year-old had last May resurfaced at the Luxembourg lender with plans to invest and revive the Qatari-owned bank. The bank was to have been Zeltner's second act after more than 30 years at UBS, where he began his career as an apprentice.
Crisis-Tested Banker
Quintet, formerly known as KBL, said wealth management boss Jakob Stott will take over. «Stott will ensure that Quintet continues to pursue its strategic plans – which remain unchanged and endorsed by the Board and Quintet’s shareholders,» the bank said.
Zeltner was promoted to co-head of the Swiss bank's wealth management unit in 2009 and was instrumental in stabilizing the wealth management arm by stanching what eventually amounted to $200 billion in crisis withdrawals. He emerged at the center of CEO Sergio Ermotti's efforts to focus UBS around wealth management in a sprawling 2012 revamp before leaving shortly before a mega-merger.
