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Annual Report 2019

The drive
you demand

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Message from the Chairman of
the Board of Directors and
the Chief Executive Officer

daniel de picciotto

Daniel de Picciotto
Chairman of the Board of Directors

guy de picciotto

Guy de Picciotto
Chief Executive Officer

« We made substantial investments in several areas in 2019 with innovation and corporate responsibility as our leading principles. »

Activity report
board of directors


  • From left to right
  • John Manser John Manser has been a member of UBP’s Board since 2008. He gained a solid grounding in finance in his early career working for the Cantonal Bank of St. Gallen, UBS in Geneva and Citibank in Geneva, London, New York and São Paulo. In the 1980s he became the head of the finance department at Ciba-Geigy AG in Basel. That company’s merger with Sandoz in 1996 gave rise to Novartis, where he was Group Treasurer until 2007. John Manser holds MBAs from the Alexander Hamilton Institute and the University of Columbia (New York). He also holds the Swiss Federal Banking diploma.

    As at 31 December 2019, he was also on the board of Hiag Immobilien AG and a member of the investment committee of the University of Basel.
  • Eftychia (La) Fischer Eftychia Fischer has been a member of UBP’s Board and Committee of the Board since 2015. She joined the Bank in 2010 as Head of the Treasury & Trading division and was also joint-Head of the Asset Management division until 2015. Before joining UBP, she held various high-level roles at EFG International, Julius Baer, JP Morgan and UBS, and ran her own asset management company in Zurich. Eftychia Fischer holds a BSc from Imperial College, London and has completed the AMP (Advanced Management Program) run by Wharton University in the United States. She holds both Chartered Financial Analyst (CFA) and Financial Risk Management (FRM) qualifications.

    As at 31 December 2019, she was also a member of the boards of the following companies: Alberca Foundation, Sherpa Asset Management, Vaudoise Assurance Holding, Mutuelle Vaudoise.
  • Olivier Vodoz Olivier Vodoz was first elected to UBP’s Board in 1998, a position he currently occupies as General Counsel as well as being the Chairman of the Audit Committee. Between 1989 and 1997 he was in government in Geneva canton, holding the positions of President of the Department of Finance and President of the Department of Defence, prior to which he was a member of Geneva’s cantonal parliament. Olivier Vodoz has a degree in law from the University of Geneva and is a licensed legal practitioner in Geneva. Earlier in his career, he spent 20 years as a lawyer and partner at Geneva law firm Haissly & Vodoz. He has also worked as Ethics Commissioner at the Geneva police department, as well as being a member of the Assembly of the International Committee of the Red Cross from 1998 to 2013 and its Vice-Chairman from 2006 to 2013.

    As at 31 December 2019, he was a member of the boards of the following companies, among others: Parkgest Holding, SIX Exchange Regulation, Swiss Risk and Care SA, Opsion – Open Pension collective fund.
  • Anne Rotman de Picciotto Anne Rotman de Picciotto has been a member of UBP’s Board since 2006. She is also a member of the Bank’s Audit Committee and Remuneration Committee. After spending several years in Goldman Sachs’ Asset Management division, she joined UBP’s London branch management team in 2002, where she was responsible for business development with a focus on high net worth individuals and institutional relationships. Anne Rotman de Picciotto holds a BA in Business Administration from HEC in Lausanne, as well as an MBA from the INSEAD business school.

    As at 31 December 2019, she was Chairwoman of the Board of CBI Holding SA, and sat on several other boards, including that of Dagnar Ltd.
  • Marcel Rohner Marcel Rohner has been a member of UBP’s Board since 2010 and its Vice-Chairman since 2016 and has chaired the Committee of the Board since 2015. He has a wealth of experience in the fields of banking, finance and risk management. He worked for almost 20 years at UBS AG, holding roles including Chairman and CEO of Global Wealth Management & Business Banking in 2005, Member of the Executive Committee from 2002 to 2009 and CEO of UBS Group from 2007 to 2009. Marcel Rohner has a PhD in economics from the University of Zurich.

    As at 31 December 2019, he was also a member of the boards of the following companies: Löwenfeld AG, Löwenfeld Beteiligungen AG, Warteck Invest AG, Armada Investment AG, Helvetische Bank AG, Acoro Asset Management AG, and of the Advisory Board of the University of Zurich's Department of Economics. In 2018 he became Chairman of the Association of Swiss Asset and Wealth Management Banks.
  • Daniel de Picciotto Daniel de Picciotto has been Chairman of UBP’s Board since 2016. He has been a member of the Board since 2010, before which he spent ten years on the Executive Committee. He joined the Bank in 1985 as Head of the Private Banking division’s Research Department, before becoming Head of Private Banking in 1990 and then Head of Asset Management in 1996.

    As at 31 December 2019, Daniel de Picciotto was also a member of CBI Holding SA’s board of directors.

Executive Committee

Guy de Picciotto CEO
Guy de Picciotto has been UBP’s CEO and Chairman of the Group’s Executive Committee since 1998. He began his career as a management consultant in Switzerland and Belgium, before focusing on the banking sector with roles at UBS, Morgan Stanley, Bear Stearns and Sanyo Securities in Tokyo and New York. He joined the Bank in 1988, where he occupied various executive roles before being appointed Chairman of the Executive Committee. He holds a degree in economics and business management and has completed advanced Executive Management courses at IMD in Lausanne and INSEAD in Fontainebleau.

As at 31 December 2019, Guy de Picciotto was a member of, among others, CBI Holding SA’s board of directors. At that date he was also on the board of the Geneva Financial Center foundation.
Ian Cramb Member
Ian Cramb has been UBP’s Chief Operating Officer and a member of its Executive Committee since 2009. Before joining UBP, he was EMEA Consumer Chief Operating Officer at Citigroup, where he had previously held other high-level roles including those of Risk Manager, Head of HR, Chief of Staff and COO. He holds a modern languages degree from Durham University.
Nadège Lesueur-Pène Member
Nadège Lesueur-Pène is Head of Wealth Management Developing Markets. She has been a member of the Executive Committee since 2019. Before joining UBP in 2015 she was Head of Emerging Markets within wealth management at BNP Paribas (Switzerland). She has also held high-level investment management roles at HSBC in Paris and Paribas in Moscow. Nadège Lesueur-Pène holds a DEA in Russian philology from Langues’O and a double Master’s in international management from ESCP–EAP (Paris), and studied political science at IEP (Paris).
Michael Blake Member
Michael Blake is Head of Wealth Management Asia, a post he holds alongside his role as CEO Asia. He became a member of the Executive Committee in 2019. Prior to joining the Bank in 2016, he was Chief Executive of Coutts International, and before that Head of Asia Pacific Management Office at UBS. He has lived and worked in Asia, Switzerland and London over the past fifteen years and is active in various international affairs forums. Michael Blake read Philosophy, Politics and Economics at Oxford University.
René Mottas Guest member
René Mottas is Head of Wealth Management Europe. He became a permanent guest of the Executive Committee in 2019. Before joining UBP he was Country Head Luxembourg at UBS, after holding several high-profile posts for that bank. Prior to that he was Head of Wealth Management Europe at Clariden Bank before moving to Goldman Sachs Bank Switzerland (Switzerland) as its CEO. René Mottas has completed senior management diplomas with Stanford-NUS in Singapore and the London Business School.
Michaël Lok Member
Michaël Lok has been Co-CEO of UBP’s Asset Management division since 2015 and a member of its Executive Committee since 2016. Before joining UBP, he worked at Indosuez Wealth Management (Crédit Agricole group) as Global Head of Asset Management, after holding roles as Head of Investment and Head of Risk & Quantitative Portfolio Management. Before that, he was a portfolio and fund manager at Banque Martin Maurel and HSBC France. Michaël Lok holds two Master’s degrees, one in Finance (DESS) and one in Banking and Finance (DEA), from the University of Aix-en-Provence.
Nicolas Faller Member
Nicolas Faller has been Co-CEO of UBP’s Asset Management division and a member of its Executive Committee since 2015. He joined UBP in 2010 as Head of Sales Europe and was appointed Head of Global Sales in 2011, then Head of Institutional Clients in 2013. Before joining UBP, he was Global Head of Distribution at BNP Paribas Investment Partners, after holding several high-level roles at Fortis Investments. Nicolas Faller is a graduate of the University of Mulhouse and France’s Ecole Supérieure de Gestion.
Philip Adler Member
Philip Adler has been UBP’s Head of Treasury & Trading since 2016 and a member of its Executive Committee since 2017. Before joining UBP, he had been a member of the Executive Committee and Head of Capital Markets at Crédit Agricole Indosuez (Switzerland) SA since 2008. He previously worked at UBS SA, Commerzbank AG and the Crédit Agricole group. Philip Adler has more than 30 years of experience in banking.
Raoul Jacot-Descombes Member
Raoul Jacot-Descombes has been UBP’s Group Head of Risks & Compliance and a member of its Executive Committee since he joined the Bank on 1 January 2015. He started his career as a lawyer, before moving to the Swiss Anti-Money-Laundering Authority and then becoming General Counsel & Executive Managing Director at ACM, which was then acquired by Swissquote Bank. He also held the role of Director in KPMG’s Forensic division, in charge of Western Switzerland. Raoul Jacot-Descombes holds a Master’s degree in law from the University of Neuchâtel in Switzerland, and is a licensed legal practitioner.
Claudio Rollini Company secretary
Claudio Rollini has been UBP’s Company Secretary since 2013. He joined the Bank after holding various high-level roles at companies including British American Tobacco in Lausanne and London, and at the Geneva-based Fédération des Entreprises Romandes (employers’ association for companies in French-speaking Switzerland). He has more than 25 years of professional experience in corporate governance and communication, devising strategies for negotiation, institutional relations and regulatory affairs. Claudio Rollini initially trained as a lawyer, and holds a Master’s degree in Law from the University of Geneva.

Key figures

140.3 billion

Assets under management (in CHF Billions)
















  • CHF 107.9
    billion's worth of assets under management
  • 614


  • CHF 43.3*
    billion’s worth of assets under management
  • 283

& trading

  • CHF 32.8
    billion on the balance sheet
  • 76

* of which CHF 10.9 billion managed by Asset Management on behalf of Wealth Management clients

in a few words

Although equity markets had a bull run in 2019, the financial sector continued to face multiple challenges. Among the hurdles were persistent negative interest rates, pressure on margins, new forms of competition, the blurring of lines between the private and institutional segments, and the acceleration of the digital revolution.

To keep our edge and maintain the quality of our services and the performances of our investment solutions, we continued to adapt our offering to shifting demands and to new market patterns. We also redesigned our Wealth Management division’s governance structure and reorganised our activities into three regions – Asia, Developing Markets and Europe. The robustness of our results and the numerous awards that we have received have confirmed the validity of this approach.

Another major project we undertook in 2019 was to formalise our corporate social responsibility (CSR) approach in order to take full control of our own environmental and social footprint. Our plans include continuing to invest in digital but also further broadening our offering with a special focus on responsible investing.

We are looking to the future with confidence in our firm foundations, being one of the sector's best-capitalised banks, as attested by our Aa2 long-term deposit rating with a stable outlook assigned by Moody’s in early 2019


A dedicated governance structure

Sustainability and future generations are at the core of our development model.


We integrate ESG criteria into every investment decision and have developed solid impact investing expertise.


We are committed to managing our social and environmental footprint.

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UBP's main news


Video Background
This last year saw desynchronisation between the world’s major economies. With the uncertainty related to the heightened trade tensions between China and the US casting a growing shadow over the global growth outlook, central banks were compelled to reintroduce monetary easing measures. That reversal pushed bond yields to historical lows.

In 2020, besides the impact of the coronavirus-related crisis which, at the time of writing, is still developing, the global economy should enter a phase of instability, with fiscal stimulus taking precedence over monetary easing and lifting some of the burden of cyclical adjustment off the shoulders of central banks. This suggests that periods of volatility will appear, which could persist until budgetary measures are put in place by all the major economies.

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