UBS Nabs Top Credit Suisse Private Banker
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Wealth manager UBS is poaching the banker instrumental in setting up Credit Suisse’s entrepreneur’s bank. He is the first prominent defector to join Iqbal Khan at UBS.
UBS is enlisting Remi Mennesson to set up a financing team in a bid to provide better and faster service for its wealthiest clients, according to a memo. Mennesson is a discreet Swiss banking heavyweight and 20-year veteran of Credit Suisse, where he was a key ally of top private banker Iqbal Khan.
At Credit Suisse, Mennesson led a strategic transactions unit that catered financing solutions to ultra-high net worth clients, generally viewed as those with more than $30 million in bankable assets. Khan and his co-head Tom Naratil have renewed emphasis on the segment by carving it out into a smaller group in January.
Mennesson, a managing director at Credit Suisse, will join UBS in November. He will report to four co-presidents: investment bank co-bosses Rob Karofsky and Piero Novelli as well as Khan and Naratil. A spokesman for UBS confirmed the contents of the memo, which was first reported by Reuters overnight.
Questions & Answers
Q.What role will Remi Mennesson have at UBS?
What role will Remi Mennesson have at UBS?
Remi Mennesson will be responsible for setting up a new financing team at UBS. This team aims to provide improved and quicker service for the bank's wealthiest clients, focusing on their financing needs.
Q.What was Remi Mennesson's previous role at Credit Suisse?
What was Remi Mennesson's previous role at Credit Suisse?
At Credit Suisse, Remi Mennesson was a managing director and led a strategic transactions unit. This unit specialised in providing financing solutions specifically for ultra-high net worth clients, defined as those with over $30 million in bankable assets.
Q.Who will Remi Mennesson report to when he joins UBS?
Who will Remi Mennesson report to when he joins UBS?
Upon joining UBS, Remi Mennesson will report directly to four co-presidents. These include investment bank co-bosses Rob Karofsky and Piero Novelli, as well as Iqbal Khan and Tom Naratil.