Swiss private banking and asset management group EFG International has announced that the firm’s current deputy chief executive officer and chief financial officer Giorgio Pradelli (pictured) will succeed Joachim Straehle as chief executive officer, effective 1 January 2018, as Straehle is set to retire at the end of the year.
EFG International also said that Renato Cohn, head of Investment Solutions, will add the role of deputy CEO to its responsibilities and Dimitris Politis, currently CFO of Sete SA, will become CFO as from 1 January 2018. The company recently completed the integration of former BSI businesses in Geneva and Zurich into EFG’s IT system. Full completion of BSI’s integration is expected to occur before year-end 2017 with the migration of Lugano-based former BSI business.
The group’s CEO Straehle commented: “Since 2015, the management team and I successfully executed on our strategic priorities, focusing on growth, efficiency and a strong management and performance culture at EFG. The BSI acquisition reflects this strategic direction, and now, with the integration process coming to a close, it is a natural step for me to hand over my CEO responsibilities to a highly qualified leader.”
Pradelli, future CEO of EFG International, said his focus will be on leveraging the firm’s increased scale following the transformative acquisition of BSI and strengthening EFG’s positioning as one of the largest Swiss private banks.
EFG International’s assets under management with the purchase of BSI totalled CHF148bn (€136.4bn) as of 31 October 2016.