Ex-UBS and Credit Suisse Bankers Move to Wealth Manager Azura
(Bloomberg) -- A trio of former UBS Group AG bankers and a one-time senior relationship manager at Credit Suisse Group AG have joined wealth manager Azura as it expands globally to try and capture business from the booming ranks of the ultra-rich.
Mathieu Saint-Arnaud is joining the firm in Geneva from UBS, where he ran its global family office team in the city, along with two other advisers who both spent more than a decade at the Swiss bank, according to an Azura statement. Frederic Pasteau also joins Azura in Geneva after working as a senior private banker at Credit Suisse since 2015.
Spokespeople for UBS and Credit Suisse declined to comment.
Founded in 2019 by former Julius Baer Group Ltd. banker Ali Jamal, Azura oversaw about $2.5 billion of advisory assets under management at the end of June, and has offices in London, Monaco and Singapore. It opened a Swiss outpost earlier this year when it hired former Credit Suisse banker Frederic Turrettini as a partner.
Private banks are in intense competition to hire advisers that have relationships with family offices, billionaire entrepreneurs and high-net worth individuals. Credit Suisse has experienced dozens of senior defections since the bank disclosed large losses from its involvement in scandals featuring Archegos Capital Management and Greensill Capital.
The world’s 500 richest people added $1.8 trillion to their combined net worth last year, according to the Bloomberg Billionaires Index.
Switzerland is a particular hot spot for global wealth. The nation had average wealth per adult of $673,960 last year, the highest worldwide, according to research from Credit Suisse.
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