The chief executive and chairman of Abu Dhabi-owned Falcon Private Bank have stepped down.
Walter Berchtold took over as chief executive a year ago as the firm struggled to distance itself from the corruption scandal at Malaysia’s 1MDB fund. He is replaced by Martin Keller, who joined the bank’s board in March. The bank has yet to announce a replacement for Christian Wenger, chairman.
“Having resolved the major issues from the past, Falcon Private Bank now has the talents, the positioning and infrastructure to grow and to succeed,” said Berchtold, in a statement.
Keller, the new chief executive, has 25 years of experience, most recently as chief executive for asset management in Europe, the Middle East and Africa at Credit Suisse. He has also worked for Man Investments, Deutsche Bank Wealth Management and UBS Warburg.
Since 2009, Falcon Private Bank has been owned by Aabar Investments, a fund whose largest stakeholder is the International Petroleum Investment Company, a wholly owned subsidiary of Abu Dhabi’s Mubadala fund.
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