The Geneva Financial Center Foundation has appointed the CEO of Julius Bär, Philipp Rickenbacher, to its supervisory board. This comes at a time when Rickenbacher is facing a highly unpleasant phase due to the Signa debacle with the private bank. Geneva Financial Center (GFC) has announced the appointment of Philipp Rickenbacher and Frédéric Berney as board members of the foundation, effective from December 1. Rickenbacher, who is the head of Zurich private bank Julius Bär, will also represent the Association of Swiss Asset Management and Wealth Management Banks (VAV/ABG) on the board. He replaces François Pauly, who resigned as CEO of Geneva private bank Edmond de Rothschild in March. Pauly will also be leaving the GFC board, along with André Tinguely, who will be replaced by Berney, an audit expert from Berney Associés. This appointment in Geneva provides support to Rickenbacher during a difficult phase. Julius Bär recently had to make provisions in connection with a loan of over 600 million Swiss francs to a “European conglomerate.” It is widely believed in the market that the debtors are companies belonging to the struggling Signa Group, owned by Austrian investor René Benko. There is already public discussion about the responsibilities at Julius Bär as a result of this. However, GFC does not seem to be concerned about this and the foundation, established in 1991 by the 80 member banks of the former Geneva Stock Exchange, serves as the umbrella organization for the local financial sector. Its main pillars are private and institutional asset management, commodity trade financing, and corporate and private client business.

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Information	Details
Geography	Europe
Countries	🇨🇭 🇦🇹
Sentiment	neutral
Relevance Score	1
People	André Tinguely, Philipp Rickenbacher, François Pauly, René Benko, Frédéric Berney
Companies	Geneva Financial Center (GFC), Vereinigung Schweizerischer Assetmanagement- und Vermögensverwaltungsbanken (VAV/ABG), Edmond de Rothschild, Julius Bär, Signa-Gruppe
Currencies	None
Securities	None