- Former President of UBS Wealth Management to be joined
by Jakob Stott as CEO, Wealth
Management
- Outgoing Group CEO Peter
Vandekerckhove to continue to serve on Boards of Directors
of KBL epb and Puilaetco Dewaay
LUXEMBOURG, May 24, 2019 /PRNewswire/ -- KBL European
Private Bankers (KBL epb), headquartered in Luxembourg and operating in 50 cities in
Europe, announced today the
appointment of Jürg Zeltner as a member of the Board of Directors
and Group CEO, subject to approval of the European Central Bank and
Luxembourg's Commission de
Surveillance du Secteur Financier.
Zeltner, who will assume his new position following regulatory
approval, will build on KBL epb's existing strengths and
strategy to spearhead its accelerated growth.
Earlier President of UBS Wealth Management and member of the
Group Executive Board – overseeing global activities representing
more than €2 trillion in assets in under management – Zeltner will
replace Peter Vandekerckhove, who is
stepping down from the day-to-day rigors of his current
position.
Vandekerckhove will remain a member of the Board of Directors of
KBL epb, while also continuing to serve on the Board of
Puilaetco Dewaay, the group's Belgian affiliate, and assuming other
non-executive positions.
In parallel, Jakob Stott – who
most recently served as Vice-Chairman of UBS Wealth Management,
after having served as Head of UBS Wealth Management, Europe – will join Zeltner at KBL
epb as CEO, Wealth Management, and member of the Executive
Committee, likewise subject to regulatory approval.
With the strong support of Precision Capital, KBL epb's
shareholder, Zeltner and Stott will oversee major investments to
unlock the enormous potential of this unique group of boutique
private banks. Both will personally participate in the group's
long-term success through significant co-investments.
Jan Maarten de Jong, Chairman of
the Board of Directors of KBL epb, said: "We are very
grateful to Peter Vandekerckhove for
making KBL epb a more collaborative and client-centric
organization, with a shared, single-minded commitment to earning
client trust and recommendation. At the same time, we look forward
to welcoming Jürg Zeltner and Jakob
Stott, who will accelerate the group's growth based on those
strong fundamentals.
"Drawing upon their experience as global industry leaders, Jürg
and Jakob will work closely with their Executive Committee
colleagues to significantly expand the group's ambitions," he said.
"Seventy years after KBL epb was founded in Luxembourg, today's announcement represents a
bold new beginning in the group's history."
George Nasra, Vice-Chairman of
the Board of Directors of KBL epb and CEO of Precision
Capital, said: "Peter Vandekerckhove
joined KBL epb on an agreed timeframe, ahead of his
anticipated retirement in early 2020, and with a crystal-clear
remit, which he delivered fully: Establish a client-focused
strategy and set of bedrock principles that will serve as the
foundation for the group's future growth.
"On behalf of Precision Capital, I would like to express my
appreciation for his tremendous personal commitment, delivered with
integrity and passion. Thanks to Peter, KBL epb is a better,
stronger bank.
"Jürg Zeltner and Jakob Stott –
both of whom possess proven leadership skills and vast industry
experience – will serve as full partners in the group's sustained
progress, driving KBL epb rapidly forward and placing it
firmly on the worldwide wealth management map. I am delighted that
they have embraced the opportunity to lead the group into the
future."
Prior to leading UBS Wealth Management for nearly a decade,
Zeltner served as Head of UBS Wealth Management, North, East &
Central Europe, after having held
various management positions in the bank's Wealth Management
division. Between 1987-1998, he served in a range of roles in the
Private & Corporate Client division in Bern, New
York and Zurich.
Zeltner, a Swiss national, emphasized the opportunity to build
upon KBL epb's client-focused business model.
"KBL epb has carved a niche in the highly competitive
European wealth management industry by delivering client proximity
and personalized service through its boutique brands," he said.
"Having watched the group mature from afar, I now look forward to
taking an active role in its growth story – focused on earning the
confidence of KBL epb's clients and staff – and am excited
about seizing this entrepreneurial challenge.
"Working together, we will build on the group's strengths to set
new benchmarks. We will invest enormously in client experience,
technology and people," Zeltner said. "We will move forward rapidly
and with unwavering purpose, delivering even greater value to every
client we have the opportunity to serve."
Stott – who, as Head of UBS Wealth Management, Europe, was responsible for 3,000 staff in 45
offices spanning the continent – earlier held the position of Chief
Operating Officer, EMEA, at J.P. Morgan, having served at the
New York-headquartered bank from
1982-2010.
"Having spent a lifetime at big banks, I look forward to rolling
up my sleeves and putting all my experience to work at an industry
challenger, which benefits from the agility that comes with smaller
size," said Stott, a Danish national. "By cutting through
complexity, we can devote more time to clients and the pursuit of
their best interests.
"Working shoulder to shoulder with colleagues across
Europe, we will realize KBL
epb's immense potential by forging even stronger
partnerships with our clients and among our people – serving as
trusted advisors who earn a seat at the kitchen table by always
doing what is right for the individuals and families we serve, just
as we do for the institutions and professionals we support."
Expressing his appreciation to KBL epb's shareholder and
Board of Directors for the opportunity to have led the group,
Vandekerckhove concluded: "As KBL epb prepares to embrace a
world of new opportunities, I am deeply satisfied with the
strategic progress we have achieved – thanks to the hard work of
every colleague and for the benefit of each client who places their
trust with us.
"While I will miss the daily exchange of smart ideas between
passionate people, I felt that this was the right time for me to
pass the baton to bold new leaders," he said. "As a member of the
Board, I will keep a close eye on this organization I have come to
know and love, and look forward to continuing to support the group
with my experience and perspective."
About KBL European Private Bankers:
KBL European
Private Bankers (KBL epb), founded in 1949, is headquartered
in Luxembourg and operates in 50
cities across Europe, staffed by
some 2,000 professionals.
Widely recognized as a private banking leader, the KBL
epb group serves high net worth individuals, families and
business owners, as well as a broad range of institutional and
professional clients, including family offices, foundations and
external asset managers.
The KBL epb group operates under the following domestic
brand names:
- Brown Shipley (UK)
- InsingerGilissen (Netherlands)
- KBL España (Spain)
- KBL Luxembourg (Luxembourg)
- Merck Finck (Germany)
- Puilaetco Dewaay Private Bankers (Belgium)
- Banque Puilaetco Dewaay (Luxembourg)
With the full support of its shareholder, Precision Capital, a
Luxembourg-based bank holding
company, KBL epb continues to consolidate its leadership
status across Europe.
For further information about the KBL epb group, please
visit: www.kbl.lu
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