May 7 (Bloomberg) — Former UBS AG wealth managers Pierre Pâris and Olivier Bertrand have set up a new private bank in Geneva to target so-called ultra-rich clients disenchanted by losses during the financial crisis.
May 7 (Bloomberg) — Former UBS AG wealth managers Pierre Pâris and Olivier Bertrand have set up a new private bank in Geneva to target so-called ultra-rich clients disenchanted by losses during the financial crisis.
Pâris and Bertrand, former managing directors at UBS Wealth Management, left the Zurich-based bank March 31 to found Banque Pâris Bertrand Sturdza SA, Pâris said in an interview. They have backing from Geneva’s Banque Baring Brothers Sturdza SA, and Baring President Eric Sturdza and Vice President Raphael Jaquet are partners in the venture.
Targeting clients with about 50 million Swiss francs ($44 million) to invest, Pâris and Bertrand aim to set their bank apart from local rivals such as Pictet & Cie. Geneva’s reputation as a financial center was dented after at least eight banks and money managers, including Union Bancaire Privee and Notz Stucki & Cie., invested with Bernard Madoff.
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“The crisis has damaged bank credibility,” said Pâris, 51. “Very large fortunes need a very different service than that offered by UBS, Credit Suisse or Pictet.”
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