'Top Goldman Sachs man Robert Suss to join Pictet as head of its British operations', we read this week, with just a touch of amazement.
What a brilliant hire this is, was our first thought. Is Geneva’s Pictet at last intent on blitzing London wealth management with a big swinging chap from Goldies?
The réalité rather belies the very enthusiastic and rather over-blown Pictet press release. This declares that Robert, who spent 18 years at Goldies was “most recently” managing director and head of private wealth management London for the US company.
In fact, Robert departed Goldies in May 2015. In the intervening seven years, he had not held a high-profile position in the wealth business although he has plenty of other experience.
His LinkedIn profile shows that he is a non-exec at Empati, an applied climate technology company, and a director of UK Agricultural Finance Ltd.
He is also a director of B Riley Principal Merger Corp, a spac for mergers and similar business combinations.
Robert is also active in the arts. He has a role in Tagsmart, which revolves issues of authenticity in the arts world.
So if Pictet wants to build its credit book and growth company plays, then I suss out that his hire could make good sense. While it hasn’t actually chosen a mainstream private banker, perhaps that isn’t surprising.
Its efforts to implant ex-Baer CEO Boris Collardi as a partner, with an apparent mandate to go-gang wealth busters in Asia, an area he knows well, have reached a sad conclusion.
Former Swiss wealth wunderkind Boris has resigned from Pictet. Perhaps the Baer man may have rather too much baggage.
He had come under scrutiny following an investigation by Swiss regulator Finma, which found systemic failures in Baer’s AML oversight between 2009 and 2018.
In 2020, Swiss prosecutors are said to have looked into two anonymous tips alleging misconduct by Boris while he was CEO at Baer. He was reprimanded by Swiss authorities in January 2021 as a result but faced no further penalties.
Robert Suss joins Pictet with a squeaky clean sheet, it should be noted. Although not a senior private banking man in the most recent years, he does have a lot going for him, people who know him well, say.
He is a “good guy, collaborative and client centric”, one says.
He has built up a business development track record and network which “I think will help Pictet to punch above their weight in the UK which they never really have”, she adds.
Meanwhile, Robert will be replacing the well-liked Pictet veteran, Heinrich Adami, who is retiring. He had been in London so long, we all got used to calling him Henry Adams.
So happy retirement, Henry, and we so enjoyed your lovely little soirees.
Pip pip
