Zeno Staub wanted to get rid of Axel Schwarzer. Swiss Banking’s “Brezhnev” managed to do this two years ago. Ciao Axel, welcome to the new build.
The CEO dismantled the old organization and took over. In particular, Schwarzer Asset Management, the family bank’s profit machine, has come directly under Staub’s wing.
Today it is the result of Operation The Boss Is Me. Profit fell 15 percent, from 290 million to 247 million profit before tax for the January-June 2022 period.
The decline is a shock to Fontabel, spoiled by success, and its eternal boss, Staub. The quota, which had always been about 70 or more francs, fell to 60 francs.
The stock collapse is the result of declining asset management. The highly acclaimed “digital banking” under Toby Triple has also collapsed, with a decline of 27 percent more.
But Vontobel is asset management: it’s working with professional investors like pension funds and other slots that has given the bank its right to exist for so long.
And Zeno Stop wanted to run it himself. Hence the bizarre split of nearly two years ago, which allowed the CEO to send the particularly controversial black man into the desert.
The problem with Vontobel is likely to be difficult, and a quick cure is hardly possible. The performance of supposed stellar investment vehicles under the leadership of high-paid investment chiefs is developing very poorly.
TwentyFour Asset Management, which Vontobel certainly acquired over a year ago, will not start.
Roger Merz, the great zampano among fund managers at Vontobel’s Zurich headquarters, can no longer match the performance of the past.
Matthew Benkendorf is the worst. It’s the “Top Shot” that had to fill the big void in Rajiv Jain. Jain brings honorary Fontobelle results with his New York car year after year.
Jane himself earned 80 million – annually. With his departure there was a danger of falling which his successor Benkendorf must avoid.
Now it turns out that this did not work. According to a source, Benkendorf customers are taking to the streets. It is said that they have already withdrawn 20 billion in assets.
According to the source, Axel Schwarzer had an iron grip on fund managers. “Now they dance dust on their noses,” according to his findings.
A new Vontobel boss is wanted. its name Andreas UtermannA name that no one knows.
Like Schwarzer, Utermann comes from Germany, has an English second passport and is considered an asset management professional. Most recently, he served as CEO of Allianz Global Investors.
Is Utermann looking to the right in Vontobel’s central asset management division? Does it ensure that services are back on track?
So far there is no sign of Ottermann, it is said from inside the family bank in Zurich. Most major shareholders are silent about the old family – as long as the earnings are right.
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