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Swiss private bank Bank J. Safra Sarasin has named Daniel Belfer as its new CEO as part of its executive board reshuffle.

Belfer succeeds Edmond Michaan, who will now lead group strategy at the bank and at the larger J. Safra Group.

In the new role, Michaan’s remit includes real estate as well as other private investments. At the same time, he will be a future board member of Chiquita.

Belfer’s tenure at J. Safra Group started in 2000.

Until now, he was in charge of the trading, treasury and asset management division at the bank. He will be replaced in this role by Oliver Cartade.

Cartade served as the general manager at Bank J. Safra Sarasin (Gibraltar) – London Branch and was also the managing director at J. Safra Sarasin Asset Management (Europe).

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By GlobalData

In his financial career of more than two decades, Cartade also had stints at Kaufman Bros, and Prudential Securities.

The restructure will be effective immediately.

This September, Bank J. Safra Sarasin appointed Jürg Haller as its new chairman. Haller, who hails from UBS, will replace Ilan Hayim.

At the end of last year, Bank J. Safra Sarasin hired Raphael Alder as its new head of private banking for domestic clients in Zurich. Alder formerly worked at Credit Suisse, where he held various management positions.