Wealth-Bulletin’s 40 Rising Stars in European Wealth Management 2008
Boris Collardi, chief operating officer of Julius Baer’s private banking unit, has topped the inaugural Wealth-Bulletin 40 list of the Rising Stars aged 40 or under in European wealth management in 2008.
Thirty-three year-old Collardi was chosen by Wealth-Bulletin out of more than 300 individuals nominated across the wealth management industry in Europe, after lengthy consultations with wealth advisers and individuals connected to the industry. The majority of the WB40 Rising Stars are to be found in the big wealth managers units of UBS, Citigroup, Credit Suisse, Merrill Lynch and Morgan Stanley. But increasingly top young talent is emerging at family and multi-family offices like Fleming Family & Partners, and Max Capital.
Prospects have rarely been brighter for wealth advisers who are rising stars. The list includes individuals among the legal and management consultant community in the wealth arena.
Wealth-Bulletin has ranked the top 10 and listed the remaining thirty individuals. Following Collardi at the top comes 36-year-old Peter Charrington, head of Citigroup Private Bank in the UK. And the third on the list was Burkhard Varnholt, the chief investment officer of Bank Sarasin.
To quality, individuals had to be 40, or under on the day of publication and based in Europe. Over the past three months, Wealth-Bulletin gathered nominations from the wealth management sector. We also invited advisors to suggest colleagues, competitors or themselves.
The ranking of the top ten was done by adding up the number of nominations and compiling the final list submissions from experts in the industry.
The Top Ten
1) Boris Collardi – Chief Operating Officer, Julius Baer’s private banking unit, Zurich.
Collardi gets our number one spot as the top rising star in European wealth management. At only 33, Collardi has already risen to the lofty heights of chief operating officer at one of Europe’s biggest private banks, Julius Baer. With no university background, Collardi has not let the lack of education qualifications get in the way of his success and has moved swiftly through the ranks of firstly Credit Suisse and then Julius Baer. Many in the industry see him as a potential chief executive of a big name Swiss private bank in the not too distance future. Collardi himself is modest about his own ambitions in wealth management: “I’m happy where I am at the present time and will be for some time.” But few believe Collardi will not progress further up the ladder – and soon – of European wealth management.
2) Peter Charrington - head of Citigroup Private Bank in the UK, London
Charrington may have had a tough year at Citigroup due to the bank’s subprime exposure, but the 36-year-old has forged the private bank’s position as a leading player in the ultra-high net worth market in the UK. Overseeing a team of 85 private bankers and investment specialists, Charrington also manages the private bank’s business in Israel, Ireland and in Scandinavia. Married with two sons, Charrington admits that he has little time to indulge his love of cricket and the ballet as the pressures of work and family life mount.
3) Burkhard Varnholt – chief investment officer of Sarasin and head of the bank’s asset management, products and sales unit, Basel.
Varnholt, 39, was recruited to be Bank Sarasin’s CIO late last year from Credit Suisse and is considered by many of his contemporaries in Switzerland as one of the top investment specialists in wealth management. A regular on the European conference circuit, the German national backs up his investment knowledge with sharp academic credentials, which includes a PhD in Economics from the University of St Gallen and lectureships at the Massachusetts Institute of Technology and the Stern School of Business at New York University. His considerable work pressures haven’t stopped Varnholt from having an active life outside of work, which includes setting up a charity to help kids in Africa and being a keen collector of contemporary art.
4) Nicolas Sarkis – Managing Partner, AlphaOne Partners, London.
Sarkis, 38, set up AlphaOne Partners in 2006 to provide investment services for ultra-high net worth clients and foundations. An ex-Goldman Sachs private banker, Sarkis manages the money of some of Europe’s wealthiest families – minimum investment at AlphaOne is $100m, or as he said: “They are too big to be treated like small retail clients.” Sarkis, who is fluent in Arabic, plans to expand AlphaOne to the Middle East and wants to launch in Switzerland in the not too distance future.
5) Juliette Johnson – Senior Family Business Adviser, Coutts, London
Only 30, Johnson works alongside one of Europe’s acknowledged powerhouses in family business expertise, Mark Evans at Coutts. Since being appointed to work with Evans last year, Johnson’s presence has helped to consolidate Coutts’ leading position in family business advice. Joining the UK-based wealth manager from BDO Stoy Hayward, where she was director of the Centre for Family Business, Johnson is likely to find herself in big demand as family business expertise takes on an even higher profile in global wealth management in the years ahead.
6) Prince Maximilian – Chief Executive, LGT, Liechtenstein
Prince Maximilian Nikolaus Maria, the youngest son of sovereign Prince Hans-Adam, was given one of biggest jobs in banking in Liechtenstein two years ago when he was made chief executive of LGT, which his family partly own. Known as Prince Max, the 39-year-old cut his teeth at JP Morgan where he was a senior banker. But nothing could have prepared him for the turmoil LGT encountered earlier this year when the German tax authorities accused the bank of helping its citizens evade tax. Most feel Prince Max handled the episode well. He said at the time that LGT only suffered a minor disruption to its business as a result of the incident and client withdrawals had amounted to nothing more than “peanuts”.
7) Hubert Keller – Managing Partner, Lombard Odier Darier Hentsch, Geneva
The 40 year-old Keller is increasingly becoming a big name in Swiss private banking circles. Made a managing partner of one of the country’s most respected private banks when he joined at the beginning of 2006 and before he was even 40, Keller is known for his strong investment knowledge. At LODH he is responsible for private banking investment services and also jointly heads up the bank’s investment managers unit. He joined the Geneva-based bank from Deutsche Bank where he spent 11 years in various senior roles.
8) Alvaro del Castaño – Managing Director, Goldman Sachs, Madrid
Del Castaño heads up Goldman Sachs’ wealth management operations for Spain and Portugal in Madrid. Before moving to this pivotal role, the 40-year-old del Castaño held various senior roles at Goldman Sachs in London. Colleagues say he was crucial to building Goldman’s wealth business in Europe and bringing in important accounts in Southern Europe.
9) Bianca Watts – Vice President, Morgan Stanley Private Wealth Management, London
One of the youngest on Wealth Bulletin’s Rising Stars list, at just 30, Watts has not let her relative tender age stop her career advancement. She is already making waves as a vice president at Morgan Stanley Private Wealth Management, where she runs a London-based team advising ultra-high net worth individuals and families across Europe & the Middle East. She joined Morgan Stanley in 1999 as a graduate and was promoted to vice president in 2004.
10) Charlie Hoffman - Senior Director, HSBC Private Bank, London
The former UBS wealth manager is making a name for himself at HSBC Private Bank. Hoffman deals with some of the UK’s wealthiest families and certainly has the charm and intellectual gravitas to meet them at their own level. The former Freshfields lawyer, the 39-year-old managed to fit in an MBA when building up his pedigree in private banking. A keen polo player, Hoffman also skydives – which might appeal to some of his more adventurous clients.
The Rising Stars List – in alphabetical order
Piers Barclay – Partner, Macfarlanes, London
After nine years at UK law firm Macfarlanes, Barclay, 36, qualified as a partner in 2005. He specialises in tax and estate planning for individuals and their families as well as related advice to trustees and other private client service providers.
Aaron Bates – Principal, Alliance Bernstein, London
An American in Europe, Bates, 32, helped launch Alliance’s London-based private client practice. Prior to Alliance Bernstein, Bates served in the executive office of the US President in Washington.
Melanie Cassoff – Executive Director, UBS, London
Cassoff first became a client advisor for high net worth individuals at UBS at just 28. Now 34, her clients include entrepreneurs, hedge fund managers and City of London executives, and she focuses on both onshore and offshore client matters. Before joining UBS she completed an MBA at INSEAD in Paris. She speaks five languages.
Harald Christ – Former Head of Weber Bank, Berlin
Despite resigning from Weber Bank, the private banking subsidiary of German bank WestLB in March, Christ, 36, is considered one of the rising stars in German private banking.
Robert Currie – Managing Partner, Coutts, London
Currie is managing partner of the executive client group at Coutts in London. He joined Coutts in 2002 from The Prudential Assurance Company and was promoted to managing partner in 2007. The 37-year-old success at the executive client unit at Coutts has ensured his team has grown by more than 50% over the last two years.
Nathalie Dauriac-Stoebe – Senior Client Partner, Coutts, London
In between running her family’s vineyards in St-Emilion, Dauriac-Stoebe is a senior client partner in the private office, which specialises in managing Coutts' relationships with ultra-high net worth clients. The 30-year-old joined Coutts in July 2001, having worked in M&A at Lazard.
Sebastian Dovey – Managing Partner, Scorpio Partnership, London
Dovey is a founding partner of wealth manager Scorpio Partnership, and is considered by many as one of the top management consultants in the European wealth industry. Based in London, Dovey, 37, only spends a few days in the city as his hectic schedule sees him travelling around the world delivering his words of wisdom to the global wealth management sector.
Dominic Emmerson – Relationship Manager, Cazenove Capital Management, London.
Described by some as wise beyond his years, Emmerson, 34, is one of the rising stars at Cazenove in London.
Marc Farror – Director of Business Development, Mourant Private Wealth, Jersey
Jersey-based Farror has 16 years in the finance industry under his belt, during which time he has specialized in wealth management. The 39-year-old works with Mourant’s clients and advisors throughout the UK and Europe.
Andreas Feller – Head of Wealth Management Solutions, Vontobel, Zurich
Feller, say his colleagues, is the “brain” behind Vontobel’s private banking unit. The 36-year-old heads up the wealth management solutions unit at the Swiss private bank, managing approximately 40 employees.
Thomas Ferrand – Financial Advisor, Merrill Lynch GPC, London
Ferrand, 40, joined Merrill Lynch’s Global Wealth Management group in 2006 as a financial advisor. Based in London, he is part of a successful team that focuses on entrepreneurs and high net worth families, with net investable assets of more than £10m.
Oscar Forsberg –Executive Director, Morgan Stanley Private Wealth Management, London
As an executive director at Morgan Stanley Private Wealth Management in London, Forsberg, 36, has a senior position in the Nordic team.
Lorenzo Gazzoletti – Chief Executive, Banque Postale Gestion Privee, Paris
The 35-year-old was posted to one of the most interesting private banking jobs in France earlier this year – chief executive of the newly set up Banque Postale Gestion Privee.
Hari Hundle – Client Advisor, Credit Suisse, London
Hundle, 31, deals with some of Credit Suisse’s wealthiest clients in the UK. His primary focus is entrepreneurial and corporate executive clients together with UK resident-non-domiciled individuals. He joined Credit Suisse a year ago from JP Morgan.
Reto Jauch – headhunter, Jauch Associates, Zurich
Zurich-based Reto Jauch is one of the top head-hunters in European wealth management. The 40-year-old set up his own search boutique in 2002 and has placed some of the most senior private bankers in top positions in Switzerland.
Ross Jennings – Wealth Manager, Barclays Private Bank, London
Known as one of the best asset gathers around, Jennings joined Barclays Wealth last year from HSBC Private Bank. A graduate of Oxford University, Jennings has been put to work at Barclays to acquire new clients, and colleagues say the 30-year-old and keen rugby player is making a name for himself already.
Adrian Kunzi – Managing Partner, Wegelin & Co, St Gallen
Despite only being 35, Kunzi is a thirteen-year veteran at Swiss private bank Wegelin & Co. Last summer, Kunzi was appointed managing partner and head of Lausanne and Geneva for the Swiss private bank. Prior to joining Wegelin, Kunzi worked at Goldman Sachs in Frankfurt.
Melissa Lesson – Barrister, Mishcon de Reya, London
Lesson, 33, qualified as a barrister in 1998 and is already at partner of Mishcon de Reya in London. She specializes in family law, advising on separation and divorce, jurisdictional disputes and enforcement, among other things.
Penny Lovell – Head of Business Development, Fleming Family & Partners, London
Forty-year-old Lovell joined Fleming Family and Partners seven years ago from Coutts and is now head of business development at one of the UK’s most respected multi-family offices. Colleagues say Lovell has been instrumental in building FF&P’s now considerable base of wealthy clients. Lovell also finds time to support one of London’s best known hospices, The Trinity Hospice, where she is a trustee.
Adrian Nosburger – Head of Private Banking, Clariden Leu, Zurich
Based in Switzerland, Nosberger, 40, is head of private banking for the region and leads the external asset managers unit at Clariden Leu, the Swiss private bank. He joined in 2003 from rival Julius Baer, where he was head of business development.
James Peterson – Relationship Manager, UBS/Max Capital, London
The youngest on Wealth-Bulletin’s Rising Stars list at only 29, Peterson is joining Max Capital, the newly launched multi-family office, from a senior position at UBS.
Joan Pierson – Chief Executive, Natixis Private Banking, Paris
Pierson, 40, was appointed chief executive of the private banking arm of French bank Natixis only two months ago and is considered a rising star in French/Luxembourg private banking circles. He is also chairman of the executive board of the private bank.
Andrew Pitt – Investment Manager, UBS, London
Pitt, 38, is a senior member of the wealth management unit of UBS in the UK. Prior to joining the Swiss bank in 2002, Pitt sent six years at Schroders in various senior roles in wealth and investment management. He is also a qualified solicitor and spent three years at Freshfields, the London law practice.
William Pym – Director, Credit Suisse, Geneva
Pym, in his capacity of director and senior client advisor at Credit Suisse, manages relationships for high net worth and ultra-high net worth clients. Based in Geneva, the 40- year-old primary focus is on non-domiciled resident clients in London and Monaco.
Eunice Reyes – Investment Advisor, UBS
Reyes, 33, is widely respected in the market for her expertise right at the top and deals with some of UBS’s wealthiest clients. As one colleague said: “Her ability in structuring portfolios is only exceeded by her communications skills in different languages and circumstances.”
Alex Ruffel – Lawyer, Lawrence Graham, London
London-based Ruffel, 32, has been a solicitor in the tax and private capital team at UK law firm Lawrence Graham since 2001 and works with Caroline Garnham, one of London’s best known private client lawyers. Her work focuses on international and domestic tax, as well as estate planning for individuals and their families.
Amir Sadr – Head of Middle Eastern Offshore Business, Merrill Lynch, London
Sadr, 36, heads the Middle Eastern office of Merrill Lynch’s private bank and the family office group in London. He joined Merrill’s in 1995, but sent a few years at Bear Stearns and Lehman Brothers, before rejoining the US investment bank and being promoted to his current role.
Torsten de Santos – Chief Executive, LGT Capital Management, Liechtenstein
De Santos was appointed chief executive of LGT Capital Management last year after a stint at Barclays Capital in London. The 37-year-old also worked at Goldman Sachs, where he was appointed executive director of fixed income at 28.
Vanessa Skoura - Director, HSBC Private Bank, London
Skoura is director and head of Mediterranean Europe ultra-high net worth team at HSBC Private Bank in the UK. A linguist, Skoura is fluent in English, Greek, Spanish and Arabic. Previously, the 35-year-old held client advisory positions at Credit Suisse and ABN Amro.
Philip Watson – Head of Investment Analysis & Advice Group, Citi Private Bank, London
Watson, 30, has been with Citi since the age of 22 and was appointed head of the private bank’s investment analysis and advisory group before he was 30. He is half French and fluent in the language and also speaks Spanish.
Special mention
Francois-Serge Lhabitant – Chief Investment Officer, Kedge Capital
Although older that our cut of point of 40, Lhabitant, chief investment officer for Kedge Capital, merits a special mention. The 41-year-old name comes up a lot as a rising star. A former UBS and Union Bancaire Privée private banker, Lhabitant works for the family office of the Bertarelli family, one of Switzerland’s best known wealthy families.
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