private bank Banque Bénédict Hentsch (BBH) is merging with a US
alternative investment specialist Fairfield Greenwich. The two
jointly will have more than $18 billion of assets under management
in wealth management.
Clients of Connecticut-based Fairfield will have access to wealth
services offered by BBH, while the latter’s clients will have
access to Fairfield’s hedge funds, funds of hedge funds, real
estate funds and other products, the companies said.
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The two said their immediate aim is to increase the number of their
private clients and to accelerate the growth of the private bank by
enhancing its marketing and sales capabilities and adding to its
personnel. The private bank’s name will be changed to Banque
Bénédict Hentsch Fairfield Partners.
BBH’s partners Bénédict Hentsch and Robert Pennonne will sit on the
board of Fairfield, becoming directors of the group. Two executives
of the US firm, Charles Murphy and Mark McKeefry, will join the
board of the rebranded private bank in Switzerland. Financial terms
were not disclosed.
“We believe that our two corporate cultures truly support each
other, and that our respective traditions will successfully combine
to create an even more expert organisation fully dedicated to
global wealth management,” said Andres Piedrahita, a partner at
Fairfield.
Bénédict Hentsch is a member of a long-established Swiss banking
dynasty. Founded in Geneva in 2004, BBH provides clients including
individuals, families, institutions and external managers with
bespoke investment strategies. Its investment philosophy is based
on an open platform and the bank says it is constantly on the
lookout for new investment opportunities in areas such as
commodities, precious metals, energy resources and the emerging
economies.
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By GlobalDataThe combined group will have more than 150 employees in North
America, Latin America, Europe (comprising London, Madrid, Geneva
and Lugano) and Asia (Singapore and Beijing).
It will remain subject to the direct oversight of the Swiss Federal
Banking Commission and will be under the consolidated financial
supervision of the UK’s Financial Services Authority.
