Edmond de Rothschild has quietly parted company with its head of private banking.
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Hervé Ordioni has stepped down as head of the international private banking division after two years in the role.
The industry veteran joined the family-owned group in 1996 and held a number of positions on his way up the organisation, most recently serving as the Geneva-based firm’s Monaco chief executive. Since 2015, he has served as president of the Committee for Promotion of Monaco as a Financial Centre.
As head of international private banking, Ordioni oversaw the group’s operations in Switzerland, Monaco, Dubai, Israel, and the UK, as well as overseeing wealth solutions, wealth planning, and EAM. He was also responsible for developing products and services for the bank’s UHNW clients.
A permanent replacement has yet to be announced but deputy CEO Cynthia Tobiano will take up responsibilities in the interim.
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Ordioni’s predecessor, Michel Longhini, had a similarly short stint, stepping down as head of international private banking in 2022 after just three years. He had previously spent more than nine years as head of private banking at UBP.
An Edmond de Rothschild spokesperson said in a statement shared with Spear’s: ‘After two years at the head of international private banking, Hervé Ordioni’s departure was a concerted decision. Cynthia Tobiano, deputy CEO, will act as interim CEO.’
The news was first reported by German-language outlet Inside Paradeplatz, which claims Ordioni was only informed of his fate three weeks ago and ‘promptly informed that he had to leave the bank’.
Tobiano has been described in industry media as a ‘close professional confidant’ of group CEO Ariane de Rothschild, whose husband Benjamin de Rothschild died in 2021. She became CEO of the group in 2023.
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Edmond de Rothschild was established in 1953 by its namesake founder, a member of the legendary banking dynasty. His son, Benjamin, took over the reigns in 1997.
The group’s assets under management rose by 5 per cent in 2023, according to a release shared earlier this year. Its net income rose by 84 per cent.
The bank last year expanded its presence in the Middle East by opening an office in Dubai. In June it was confirmed Edmond de Rothchild will establish a foothold in Saudi Arabia by the end of 2024.
