Stephan Rupprecht has resigned from his position as board member in charge of Wealth Management at German private bank Hauck & Aufhäuser, as Der Spiegel reports.
Rupprecht has been with the group since 2012, initially as a partner, before being appointed on the group’s management board as part of its conversion to a stock corporation.
A spokesperson of Hauck & Aufhäuser confirmed his departure to InvestmentEurope, but denied any link to the recent takeover of Chinese investment company Fosun, which has become a majority shareholder of the German lender in September 2016.
“Stefan Rupprecht has left the group at his own volition, Fosun would have preferred to keep him on board but he intends to pursue a new career path, his replacement will be announced in due course” the spokesperson said.
Since Fosun has become a majority shareholder, the bank targeted an expansion focused strategy and acquired among others the Luxembourg presence of Sal Oppenheim at the end of last year.