Quintet

Luxembourg-based global private bank Quintet has reshuffled the top leadership of its branches in Luxembourg and Germany following a series of departures of senior executives at the end of last year that included CEO Europe Thomas Rodermann. Rodermann, one of the former UBS executives that had joined the bank in recent years, was seen as the architect of the integration of the private bank’s German, Dutch and Belgian businesses into a single business unit. A successor will not be appointed, Quintet said.

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Private banks in Luxembourg, especially the smaller ones, are struggling as their margins are squeezed while weak financial markets have not made business any easier this year, it became clear at a press presentation on Friday afternoon, held at the offices of Luxembourg’s bankers’ association ABBL, which presented the results of a new survey. “The important thing is critical mass.”

Belgian private bank Puilaetco, a unit of Luxembourg-headquartered Quintet, is integrating fintech Abbove’s technology solution into its wealth advice service offering.

The bank’s clients will now be able to use the Richer Life Plan service, giving them a broader view of their wealth planning, said Puilaetco’s Country CEO Ludivine Pilate (photo) and Abbove’s CEO Guillaume Desclée. 

Quintet Private Bank sees “significant long-term opportunities” in a world that has experienced multiple ‘black-swan’ type events – Covid-19, the invasion of Ukraine and a miniature version in China’s decision to lock down Shanghai in late March. Presenting the firm’s outlook, Ilario Attasi, group head of investment advisors, and Nicolas Sopel, senior macro strategist, said investors can still find opportunities in tech stocks, among others.

Quintet Private Bank is shifting its strategic asset allocation to a global asset allocation framework. “Focusing your bond portfolio on Europe has a lot of jeopardy in it,” says CIO Bill Street in an interview with Investment Officer.

Investors have always worried about what rising bond yields mean for markets. But today, such fears appear unfounded, argues Daniele Antonucci, Chief Economist at Quintet Private Bank.

Quintet private bank is counting on an accelerated global recovery in the spring and is advising its clients to increase risk in the short term. The bank is overweight equities, especially those from the US and emerging markets.

With the recovery of the global economy that has begun and the support measures of central banks and governments, the climate is favourable for investments in risk assets, according to Quintet’s Bill Street.

Sustainability will be the starting point for Quintet’s discretionary mandates, says James Purcell (photo), the new head of sustainable management at Quintet Group, in an interview with Investment Officer.

Quintet Private Bank is planning to merge its European subsidiaries into one business unit based in Luxembourg. Approval has been requested from local supervisory authorities.

Luxembourg-based Quintet Private Bank  has opened a branch in Zurich, Switzerland. The opening follows the acquisition of the local Bank am Bellevue, the asset management arm of Bellevue Group AG, and the approval of the transaction by the regulatory authorities.