Brazilian financial services firm BTG Pactual has hired Pictet’s CIO for wealth management division Yves Bonzon as new partner at BSI, the Swiss private banking unit it is purchasing from Italian insurer Generali.
Bonzon, who has been with Pictet for 25 years and chaired the private bank’s investment committee since 1998, is planning to quit the Swiss group this year, reported Financial Times.
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The move follows receipt of all final regulatory approvals by BTG to complete its acquisition of BSI from Generali.
"Yves will join BTG as a partner and become chief investment officer of BSI after a period of gardening leave," Steve Jacobs, head of international asset management at the Brazilian group and incoming director of BSI told the publication.
Additionally, BTG intends to invest heavily in expanding BSI beyond its strong base in serving wealthy Italian clients via organic growth and acquisitions.
In July 2014, Italian insurer Generali has agreed to sell its Swiss private banking unit, BSI to BTG Pactual for a total consideration of CHF1.5bn.
