France: BNP Paribas appoints new wealth
head…

US: Morgan Stanley hires from Fidelity…

Spain: Santander private banker is
promoted…

Nordic region: Merrill hires for Nordic
clients…

US
Credit Suisse reshuffles private banking

Credit Suisse (CS) is reorganising its Private Banking USA
operation, appointing Paul M Simons and Peter O Skoglund as
co-heads. They report to Anthony DeChellis, a CS managing director
and head of Private Banking Americas. The newly created positions
are in recognition of the “significant growth” of US private
banking and replace the regional structure under which the business
had operated, CS said. The division operates from 16 offices across
the US.

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By GlobalData

“In the US and Latin America, we continue to make significant
inroads by leveraging the integrated capabilities of the bank, and
our talented relationship managers, to serve the needs of high net
worth and ultra high net worth clients,” said DeChellis.

Skoglund has overseen the central region of Private Banking USA
since 2006 and had previously headed the Chicago office. Simons,
who joined in 2006 from Merrill Lynch, headed Private Banking USA’s
Client Solutions Group, which consists of One Bank Delivery,
Corporate and Executive Solutions and Wealth Planning.

Credit Suisse didn’t say why it had decided to abandon its private
banking regional structure, but there has long been speculation
that the bank would have to act to rationalise sluggish parts of
its US wealth effort.

France
BNP Paribas appoints new wealth head

In a reshuffle at BNP Paribas, Pierre de Pellegars has been
appointed head of the Wealth Management department within BNP
Paribas Private Banking with a mandate to expand the French client
base.

He will head of a team of 40 private bankers based in Paris who
work on a co-ordinated basis with 12 family shareholder private
bankers. The aim is to strengthen the ties between wealth
management and all BNP Paribas’s other business lines.

In addition, Etienne Barel will join the bank’s Corporate and
Investment Banking (CIB) business to take on a new global Private
Bank Relationship Management function covering equities,
derivatives and fixed income. She will become CIB’s senior
representative and co-ordinator for the private banking sector
throughout the world.

Singapore
Six private bankers to move from UBS to Baer

Julius Baer is moving to recruit six private bankers in Singapore
from rival UBS, in what will mark the first team move in wealth
management in 2008. The six consist of four client advisers and two
assistants. Singapore bankers claimed that the UBS team was leaving
before payouts of annual bonuses.

US
Morgan Stanley hires from Fidelity

Morgan Stanley has appointed Ellyn A McColgan as president and
chief operating officer of its wealth management division. She
succeeds James Gorman, who becomes Morgan Stanley’s co-president
along with Walid Chammah following the resignation of Zoe Cruz in
December.

McColgan, who takes up her new appointment in April, joins from
Fidelity Investments, where she was president of distribution and
operations. In addition, she will become a member of Morgan
Stanley’s management committee and will report to Gorman.

US
Amex’s Wallis joins Bank of America

Bank of America has appointed Amanda Wallis, former Europe, Middle
East and Africa head of American Express Private Bank, as its
market executive for northern California.

Wallis, who was based in London for around ten years, is returning
to the US due to family circumstances. She will be based in San
Francisco and will be responsible for the delivery of comprehensive
wealth management solutions in the northern California
market.

Spain
Santander private banker is promoted

Banco Santander has appointed Javier Marín Romano, head of global
private banking, as a senior executive vice-president.

Romano assumed the newly created position of head of global private
banking in September following a long career at the bank. He joined
Santander’s international legal department in 1991 before moving to
the office of the chairman in 1995.

In 1999 Romano became managing director of Banco Santander de
Negócios and then moved to Banif, Banco Santander’s domestic
private banking subsidiary in 2001, to become its chief
executive.

UK
Coutts hires senior banker from UBS

UK private bank Coutts has appointed Ed Goodchild as a senior
private banker in the Coutts Private Office, which focuses on ultra
high net worth clients. He joins from UBS Wealth Management and
reports to Duncan MacIntyre, the head of Coutts Private
Office.

Nordic region
Merrill hires for Nordic clients

Merrill Lynch Global Wealth Management has appointed three new
financial advisers to strengthen its position in the Finnish and
Danish markets. Kari Kulpakko, Lassi Ketola and Johnny Olesen will
report to Steen Foldberg, market leader for Luxembourg, Belgium and
the Nordic markets.

Kulpakko and Ketola will be based in Luxembourg, providing wealth
solutions to Finnish clients, working alongside Antti Sulkakoski
and Heikki Haukka. Kulpakko has 15 years’ experience in banking and
asset management and joins from ICE Capital where he was sales
director for institutional and private clients. Previously he was
investment director at Mandatum Private Bank in Finland.

Ketola joins from FIM/Glitnir Asset Management, where he was a
private banking customer relationship manager.

Olesen will work with Danish high net worth clients and will also
be based in Luxembourg. Before joining Merrill Lynch, he was at
Nordea Bank for 13 years where he worked in various private and
premium banking roles. Previously, Olesen was head of the Nordea
Private Banking team in Copenhagen North.

Germany
New Deutsche German private banking chief

Deutsche Bank has appointed Ulrich Stephan as head of private
banking in Germany. He takes over from Hans Werner Jacob who will
remain a consultant for Deutsche’s Private and Business Clients
group.

Stephan was most recently head of private client services at the
German insurance and wealth management company MLP, based in
Amsterdam.

UK
Barclays poaches dealer from Fortis

Barclays Wealth has appointed Stephen Grady as head of global
dealing for its business. He joins from Fortis Investments where he
was global head of dealing.

Grady will be responsible for managing all trading functions
including execution, trade capture and securities finance across
Barclays Wealth globally. He will lead the dealing operation and
brokerage front office teams as the business seeks to further
expand its international footprint.