Bank Sarasin & Cie. (BSAN), the Swiss wealth manager controlled by Safra Group, hired Frederic Luyet from Credit Suisse Group AG as head of private banking for French-speaking Switzerland.
Luyet, 52, will lead a team of more than 20 client relationship managers as the firm plans a “significant expansion” in the market, Sarasin said in an e-mailed statement. A Swiss citizen, Luyet previously worked in private banking for Credit Suisse and UBS AG, the country’s largest banks.
“This is a clear sign of Bank Sarasin’s commitment to both its home market and the location of Geneva,” Bas Rijke, head of the Geneva office, said in the statement.
Sarasin reported July 30 a 27 percent decline in first-half profit and said private clients banking in Switzerland withdrew 1.2 billion francs ($1.25 billion) in the first six months while customers elsewhere in Europe added funds.
Safra, which managed about $101 billion at the end of 2011 and has banks in Brazil, the U.S. and Switzerland, completed its acquisition of a controlling stake in Sarasin last month and has offered to buy minority shareholders’ interests. Jacob Safra, the Geneva-based vice-chairman of J. Safra Holding AG, joined Sarasin’s board of directors last month.
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