Quintet Private Bank announced on Thursday the launch of its Luxembourg-based Finnish desk by building a new team that it hired from competitor Union Bancaire Privée in the Grand Duchy.
The new team, consisting of five seasoned Finnish professionals resident in Luxembourg with over a century of combined experience, will focus on serving high net worth individuals and families from Finland and the wider Nordic region. Finland is home to more than 100,000 millionaires.
The Finnish desk will be led by Tero Gabrielsson, former managing director and head of wealth management Finland at Union Bancaire Privée, a Swiss-headquartered wealth manager with assets under management of about 148 billion euro. Quintet, which held 92 billion in client assets end-2023, plans to eventually expand its presence in the Nordic market to be closer to clients.
Former Danske Bank team reunited
Gabrielsson’s team joins Quintet from Union Bancaire Privée, where they previously worked together, having earlier served at Danske Bank. The group is now reunited with Mads Midtgaard, who has been at Quintet Luxembourg since 2021. Midtgaard leads the expanded Nordic team, which now includes 15 professionals dedicated to serving Nordic-domiciled clients and expatriates across Europe, including those from Denmark, Sweden, and Finland.
“We see significant untapped potential in Finland, an EU member state with a large and highly mobile HNWI population.”
“We see significant untapped potential in Finland, an EU member state with a large and highly mobile HNWI population,” Midtgaard told Investment Officer. “Finland also happens to be the happiest country in the world, according to multiple surveys, which makes it an even more appealing growth market.»
Reputation as start-up hub
Quintet’s focus on the Nordic region is spearheaded by Ole Jensby, the firm’s Denmark-based CEO for the Nordics. Under Jensby’s leadership, Quintet said it has recognised the opportunities presented by Finland’s entrepreneurial landscape. Finland has developed a reputation as a European startup hub, attracting interest from international financial institutions, Quintet pointed out.
Nordic wealth growth expected
The Nordic wealth management market is poised for growth in the coming years, with AuM projected to reach 2,056 billion dollars this year, according to Statista Market Insights. Financial advisory is expected to dominate the sector, commanding a market volume of 2,039 billion. Over the period from 2024 to 2028, the Nordic market is forecasted to grow at a steady compound annual growth rate of about 1 percent, with AuM anticipated to increase to 2,141 billion dollars by 2028.
Competition
With the arrival of Quintet, Finnish wealth management clients will be offered a wider choice of private banks. Competitors like Danske Bank, Nordea and Evli already have an established presence in this market.
The launch of Quintet’s Finnish desk in Luxembourg complements the activities of its Nordic International team, including a Swedish desk introduced in 2021 and staffed by three professionals, according to Midtgaard, who was born and raised in Denmark and has been based in Luxembourg since 2006.
“We are building a network of long-term relationships across Northern Europe,” Midtgaard said. “In alignment with our overall Nordic growth strategy, we intend to leverage those relationships and, over time, further expand our regional presence on the ground so we can serve more Nordic clients from both the Grand Duchy and also closer to home.”
National subsidiaries
Luxembourg-headquartered and Qatar-owned Quintet already has an established presence in the Nordics via its Quintet Denmark subsidiary, launched in 2020 in Copenhagen. Within most of Europe, the private bank is largely structured along national markets, with subsidiaries such as InsingerGillissen in the Netherlands, Puilaetco in Belgium, Merck Fink in Germany and Brown Shipley in the United Kingdom.
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