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The Architects of Wealth

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Banque Heritage


The Architects of Wealth

 

HISTORY

Banque Heritage is a family-controlled financial group with its headquarters in Geneva, Switzerland and overseeing CHF 5 billion of assets. It focuses on Private Banking and Asset Management activities (UHNWI, Families, and Institutions), and its strategy is based on acquiring new clients in Switzerland and across Growth / Emerging markets.

Banque Heritage traces its roots to the 170-year history of the merchant business of the Esteve family which operates today as ECOM Agroindustrial Corp., a global commodity trading and processing company that plays a top-tier role in commodities such as coffee, cotton and cocoa. Despite its international scope and market leadership, the company remains proudly family-held by the Esteve family.

Furthermore, it should be noted that ECOM’s engagement with Switzerland has a longstanding history. In 1967, a sales and treasury center for the European branch of ECOM Agroindustrial Corp. was established in Lausanne; this eventually became the holding company of the agribusiness group. This fact clearly strengthened the family’s ties with and commitment to Switzerland, paving the way for the vision that Carlos Esteve had as an undergraduate and which will take shape a couple of decades later.

Heritage was established in Lausanne in 1986 as a family office under the name of Heritage Finance & Trust. Six years later, in 1992, the headquarters were transferred to Geneva. In 2004 the Swiss Federal Banking Commission, currently known as FINMA, granted Heritage the Swiss Federal Banking License. The license allowed it to develop its commercial perspectives after having operated as a non-bank financial institution since 2000.

As part of the Bank’s international growth strategy, the Group acquired a 60% stake in Banco Surinvest, a Uruguayan Bank formed in 1981 by several large financial institutions such as IFC, Rabobank, and HSBC. This shareholding was later increased to 100%. The Group’s confidence in its subsidiary, Banque Heritage (Uruguay) S.A., has been reinforced in 2013 with the acquisition of the retail, commercial and corporate banking operations from Lloyds TSB Bank plc. in Montevideo.

 
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Our Distinctions


"We offer a harmonized range of banking activities to a new generation of clients for whom we aim to combine the wisdom of experience with the highest order of day-to-day financial intelligence."

Marcos Esteve - CEO

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Our Distinctions


"We offer a harmonized range of banking activities to a new generation of clients for whom we aim to combine the wisdom of experience with the highest order of day-to-day financial intelligence."

Marcos Esteve - CEO

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Family Values

Banque Heritage grew out of the trust inherent in strong family relationships. Wherever practical we avoid making a division between relationship and investment management. Our clients value being close to the person who helps to tailor-make their portfolios and then directly oversees their performance. We combine the traditional virtues of consistent and highly customised service with the widest opportunities for enhancing portfolio performance.

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Diversity of Products

We take great care to recognise the distinctive priorities held by each of our clients, and build with them a portfolio that maps to their specific requirements, always avoiding the application of generic solutions. We understand too that life circumstances and market conditions change, and that our approach must have the capacity to adapt successfully to events that are both anticipated and unexpected. 

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Open Architecture

Just as any growing bank, we have our own products and funds, which in our judgement can provide valuable components in any of our client portfolios. However, we are committed to the principle of an open but focused architecture platform, meaning that we buy only the most appropriate and best performing assets for our clients – irrespective of their provenance. 

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market Information

We develop our own macro-economic and currency allocation models, using research we buy from specialist, independent research organisations. By deriving our market and economic source data from companies that have no brokerage models of their own, we avoid any possibility of working with potentially conflicted information.

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Asset Allocation

The ethos of the private bank overlaps with our reading of modern portfolio theory, where steady performance and low volatility best serve both markets and investors alike. Through a strategy committee drawn from a small number of key investment professionals in the firm, debate based on a set of in-house indicators and criteria results in an assessment of the characteristics of the market environment and the relative attractiveness of each asset and sub-asset class. 

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Absolute Return

Free from reporting performance relative to benchmarks established by aggregations of more limited portfolio ranges, we have been able to cross-fertilise the measurement criteria of alternative investments into our understanding of the performance of traditional equity and bond investments. This unified measurement of all our efforts enables us to allocate assets on behalf of our clients free from the constraints of any particular asset class. As a result of this we enjoy a sustained advantage to deliver consistent positive returns.

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Human Capital

Successful private banking is about the establishment and maintenance of successful relationships. In selecting individuals to work at Banque Heritage we demand not only deep competence in a particular field of expertise, but also a general intellectual and cultural fit with the way we operate. The result is an eclectic mix of working styles that we have demonstrated to provide remarkable levels of innovative synergies at the same time as a common cultural commitment to excellence in service and performance. 

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INTIMACY & Scale

Growth inevitably changes the dynamics of any organisation. While we accept that a private bank with a commercial appetite will never retain the closeness of a tied family office, we relish the challenges of success – how to retain the integrity of our philosophy and how to capture the benefits of scale without compromising the intimacy of our relationships. Our solution addresses these issues directly, to ensure that we continue to operate a culture that remains both uniquely attractive to talented employees and absolutely dedicated to performance on behalf of our clients.

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SHared interests

In simple terms, we invest our own money alongside that of our clients. We could never tell our clients one thing and do another; but equally nor could we offer advice and not act on it ourselves. We are constitutionally bound to share the investment experiences of our clients. The only way to demonstrate the confidence we have in our methods, from the hard-headed intellectual rigor of our investment modelling to the instinctive responsiveness of our client relationships, is to put our own money into the same assets we recommend to everyone that entrusts us with the management of their wealth.

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Team


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Team


executive board

Marcos Esteve

CHIEF EXECUTIVE OFFICER

Marcos Esteve joined the Bank in 2006 and has held a number of key senior management positions before being named Chief Executive Officer in July, 2017.

From January 2014 to July 2017, Marcos was Global Head of Private Banking. His prior assignments included Chief Financial Officer and Chief Operating Officer of the Bank, positions which afforded him an in-depth and thorough understanding of the intricacies of banking operations, the inherent regulatory framework, and the bank’s client service offering. Before joining Banque Heritage, he was Chief Financial Officer at a leading firm in the global fashion industry where he was responsible for the financial management of the group and where he also sat on the Board of Directors. During this time, he was appointed a member of the Board of Directors and of the Executive, Audit, and IT committees at Banque Heritage.

Marcos started his professional career in the corporate internal audit division of Nestlé’s Swiss headquarters.

FRANÇOIS OESCH

HEAD OF PRIVATE BANKING AND INVESTMENT SERVICES, GROUP MANAGING DIRECTOR

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François Oesch joined the bank in 2005.

During the 28 years of his banking career, François has held different management positions in the investment banking and FX trading areas, both in London for Barclays Bank and in Geneva for Swiss Bank Corporation. In the mid 1990's, François founded a financial company active in asset and liability management as well as in currency overlay. He then joined the Private Banking sector as Head of Capital Markets for Credit Lyonnais Suisse S.A. with a strong emphasis on servicing HNWI. Since joining Banque Heritage, François has served assignments in the Trading Room as Senior Foreign Exchange Trader and in the Asset Management Department as Senior Portfolio Manager. From 2012 to July 2017, François has served as Chief Investment Officer and has also been responsible for Trading, Execution, and Middle Office Operations since 2014.

François graduated from the High Commercial School in Lausanne and has completed Executive training for Senior Executives at IMD, Lausanne.

THIERRY ZUMSTEIN

GROUP HEAD LEGAL & COMPLIANCE, GROUP MANAGING DIRECTOR

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Mr. Zumstein, an accomplished business lawyer and expert in banking and financial law, has more than 25 years of experience and know-how in the legal arena, both in the banking industry as well as a lawyer.

Most recently, he acted as Senior Legal Counsel for Bonnant Warluzel & Associés. Previously, during almost 10 years, he was General Counsel of Société Générale Private Banking (Suisse) SA and Member of its Executive Committee. Prior to that he has held senior assignments at different financial institutions in Geneva.

Mr. Zumstein holds a Master’s Degree in Law from the University of Geneva and is a member of the Geneva bar.

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NICOLAS VETSCH

CFO, GROUP MANAGING DIRECTOR

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Nicolas Vetch joined the bank in 2015. He brings along more than 20 years of experience in the financial and accounting field. After graduating from HEC Lausanne, he initially started his career with KPMG in the audit field before acquiring, over several years, various experiences as Finance and Administration Director in different industries.

He joins us from Banque Privée Espirito Santo where he spent the last 14 years as CFO.

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Board of directors

MAÎTRE PIERRE ALAIN SCHMIDT

Chairman - Attorney at law, Geneva (GE)

 

PAUL-ANDRÉ SANGLARD *1

Deputy Chairman

CHRISTIAN M. WAGNER *

Deputy Chairman - Economist, Monaco

 
 

CARLOS ESTEVE

Banker, Geneva

RAMON ESTEVE III 1

Economist, Paudex (VD)

 

ALAIN NICOD *

Industrialist, Saint-Prex (VD)

OLIVIER VODOZ *1

Former President of the Government of the "République et canton de Genève", Attorney at Law, Geneva (GE)

TORSTEN KOSTER *1

Independent consultant, Grandvaux (VD)

  • * Board members marked with an asterisk comply with independence norms pursuant to FINMA 2017/1 - Supervision and internal control
  • 1 Members of the Audit Committee (Chairman: O. Vodoz)