Vontobel has poached Stefano Sala from Credit Suisse to serve as the head of its Ticino-based wealth management business.
Sala took on the new responsibility on 1 October 2020. He reports to Gianpiero Galasso, who leads Vontobel Wealth Management for Western and Southern Switzerland, Italy and the Middle East.
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Sala spent 14 years at Credit Suisse, latterly in charge of the Wealth Planning Southern Europe team out of Lugano.
He specialises in succession and estate planning and has spent several years offering advice to wealthy private clients and entrepreneurs.
Commenting on Sala, Galasso stated: “This appointment is part of our local growth strategy and underlines our plans to gain further market share in the Wealth Management sector in Italian-speaking Switzerland, including the regionally based independent asset managers.”
Vontobel has previously strengthened its reach in Ticino through the acquisitions of Finter Bank and Notenstein La Roche.
At the time of deal completion, Notenstein La Roche had 13 branches across Switzerland and managed around CHF16bn in client assets.
Meanwhile, the takeover of Finter Bank added CHF1.6bn in assets to Vontobel.
“Our branches in Lugano and Locarno have grown thanks to loyal clients who appreciate our wealth management services and employees who embody our strategy in their daily work”, Galasso added.
Other people moves at Vontobel in 2020
In June, Vontobel hired Thomas Heinzl from UBS to serve as its new CFO.
Heinzl succeeded Martin Sieg Castagnola who has held the role for 12 years.
In April, Vontobel Wealth Management named Dan Scott as its new CIO, replacing Lars Kalbreier.
In March, Bank Vontobel Europe, a Vontobel unit that serves clients in Germany, appointed Andreas Heinrichs as its new COO.
