Bank J Safra Sarasin has appointed Sergio Penchas as head of its asset management, products and sales division.

Penchas, who is also join the bank’s executive committee, will be replacing Burkhard Varnholt, who had departed from the firm.

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To take up the new role, Penchas has resigned his positions on the Board of Directors of the Bank J. Safra and Sarasin Sarasin on the board of J. Safra Holding.

Penchas has worked for over 20 years in the banking and financial sector of the Safra Group serving the asset management division of Banco Safra in Brazil and JSI Investments, the family office of the Safra family.

Edmond Michaan, the CEO of Bank J Safra Sarasin, said: "We are pleased that Sergio Penchas assumes operational responsibility for the management department of the central bank. He brings with him over 20 years experience in the banking industry from activities in Europe, Brazil and the United States."