Annual Report 2011 - Hong Kong Monetary Authority

Awards 2011 in Milan and Large Fund of Hedge Funds
Firm of the Year at the Annual Fund Industry Awards in
New York.
2011 also featured a generational change in the Bank’s
senior management. After 21 years of successful leadership
of Banque Privée Edmond de Rothschild, including
11 as Chairman of the Executive Committee, Claude
Messulam informed us that he wished to step down at
end-April 2012 following the Bank’s Annual General Meeting.
Under his guidance Banque Privée Edmond de Rothschild
has experienced phenomenal growth and now ranks
among Switzerland’s most respected financial institutions.
As an executive he has exhibited unfailing loyalty and
remained constantly attuned to the human dimension of
our business. The company he hands over is rock-solid
and enjoys an impeccable reputation.
Mr Messulam has agreed to join the boards of directors of
Banque Privée Edmond de Rothschild and Edmond de
Rothschild Holding. His experience and exactingness will
be valuable in this capacity, particularly when it comes to
meeting the challenges that stand before us.
A page of our history is turning, and we must also secure the
Bank’s future in a rapidly changing environment. Mr Messulam
will be replaced by Christophe de Backer, an accomplished
banker and former Group General Manager at HSBC
France, where he successively headed the asset management
and private banking divisions. Gradually, he will be
able to add a segment-based approach to the geographically
based one that our entities have emphasised up to
now. We wish him every success in his duties.
Jean-Pierre Pieren, Deputy Chief Executive Officer of Banque
Privée Edmond de Rothschild SA, Geneva, decided to
retire after many years devoted to our Bank and Group. He
will step down from our Bank’s Executive Committee at the
end of April 2012.
We take this opportunity to thank Mr Pieren for his long and
dedicated service that has greatly contributed to the
smooth, successful business development of our Bank and
Group. Our wishes accompany him for a happy retirement.
Mr Pieren’s duties as Chief Operating Officer will be taken
over by Manuel Leuthold, who has had a brilliant career
with a large Swiss bank where he exercised important
executive functions including as a member of the national
management board of the Wealth Management & Swiss
Bank division. We look forward to having Mr Leuthold
among us.
The Group last year continued to expand in the wealth
management segment through our national and international
networks.
Swiss network
Geneva
Banque Privée Edmond de Rothschild SA, Geneva specialises
in wealth management, mainly on behalf of private
clients. The Bank is directed by Claude Messulam, who
also coordinates Group operations from our head office.
Despite an unfriendly economic and market environment
and a negative forex impact, BPER Geneva continued to
expand throughout 2011 and registered a substantial inflow
of fresh money. This enabled the Bank to post a net profit
of CHF 101.6 million for the reporting year, up 3.1% on the
2010 figure (CHF 98.5 million).
Fribourg
The Fribourg branch of Banque Privée Edmond de
Rothschild SA is headed by Patrick Zurkinden. We have
operated in Fribourg since 1986 with a view to extending
our reach in this area astride Switzerland’s French- and
German-speaking communities. Despite last year’s very
tough economic context, business development at our
branch and at the asset management firm Rouiller,
Zurkinden & Cie Finance SA was in line with expectations.
Lausanne
Our Lausanne branch has operated since 1993 and currently
employs a staff of 25 focused on private banking.
Lausanne, as “Olympic capital” of the world, contributes to
the Bank’s international scope and the branch promotes
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