Lombard Odier hires Russian wealth executive

Financial News

Jason Corcoran
24 June 2008

Renaissance Investment Management's leading wealth management executive is leaving the Russian fund manager to join Swiss private bank Lombard Odier Darier Hentsch in Geneva.

Alexander Kotchoubey, who joined Renaissance Investment Management as wealth management head and deputy chief executive, is the fourth senior executive to leave the Moscow firm in six months and follows the departure of its president Ilkka Salonen in May, chief investment officer Daniel Broby in March and the head of its Swiss operation Philippe Magistretti last December.

Kotchoubey will join Lombard Odier in the next couple of weeks as head of international development for Russia and Eastern Europe.

He said: "We are in the process of building a team for the region based in Geneva. Lombard Odier recognises the opportunities of expanding its franchises in emerging markets. They have a very aggressive view of how they want to expand."

Prior to joining Renaissance, Kotchoubey was head of the investment strategy team within Merrill Lynch Investment Wealth Management & Insurance unit in New York. An American with Russian heritage, he also worked as a director at Medley Global Advisors and spent a decade at Brown Brothers Harriman in New York.

His arrival at Lombard follows the failure of Renaissance to develop a Swiss base for Russian high net worth clients.

Magistretti, head former head private banking at Swiss bank Union Bancaire Privée, was hired to run the business but left after less than a year in charge.

A senior Renaissance source said the Swiss business did not build the wealth unit fast enough and that Kotchoubey's departure was unrelated.

Renaissance Investment Management, the funds arm of Renaissance Capital, was set up it in 2003. It has more than $6bn in assets under management with the majority representing of funds belonging to Russian high net worth clients.