Jürg Zeltner
Jürg Zeltner | |
|---|---|
| Born | May 4, 1967 Switzerland |
| Died | March 22, 2020 (aged 52) |
| Occupation(s) | Business executive, banker |
| Years active | 1987–2018 |
| Known for | Group CEO and Board member at KBL European Private Bankers; President of UBS Wealth Management |
Jürg Zeltner (4 May 1967 – 22 March 2020) was a distinguished Swiss business leader, most recently holding the positions of Group CEO and Board member at KBL European Private Bankers.[1] Prior to this, he served as President of UBS Wealth Management from November 2014 until December 2017.[2] He stepped down from UBS’s Group Executive Board by the end of 2017 and formally retired in 2018.[3]Cite error: The opening <ref> tag is malformed or has a bad name Zeltner became a member of the UBS Group Executive Board in February 2009, where he acted as co-CEO for Wealth Management and Swiss Bank until January 2012.[4][5] In 2016, he was recognized by Euromoney as the leading global private banking CEO.[6]
After being diagnosed with an aggressive brain tumor in 2019, Zeltner passed away on 22 March 2020.Cite error: The opening <ref> tag is malformed or has a bad name His son, Thomas Zeltner, established Zeltner & Co GmbH in 2021, continuing his father’s influence within Swiss private banking.Cite error: The opening <ref> tag is malformed or has a bad nameCite error: The opening <ref> tag is malformed or has a bad name
Education
Originally intending to pursue veterinary medicine, Zeltner altered his career path towards finance following an internship at Swiss Bank Corporation, which later merged with Union Bank of Switzerland to form UBS. He earned a diploma in Business Administration from the College of Higher Vocational Education in Bern and completed Harvard Business School’s six-week Advanced Management Program.
Career progression
Zeltner commenced his professional journey in 1987 within the Corporate Client division at Swiss Bank Corporation (SBC), undertaking various responsibilities in Bern, New York City, and Zurich, including the role of Credit Risk Officer for Corporate and Institutional clients.
Following the 1998 merger between SBC and Union Bank of Switzerland (SBG) that created UBS, he assumed leadership of Portfolio Management for Risk Transformation and Capital Management. Between 2005 and 2007, he was CEO of UBS Deutschland based in Frankfurt. In November 2007, he took on the role of Head of Wealth Management North, East & Central Europe. From February 2009 to January 2012, he shared the position of co-CEO for Wealth Management and Swiss Bank.
Between November 2014 and December 2017, Zeltner led UBS Wealth Management as its President, managing assets exceeding CHF 2 trillion worldwide. UBS announced on 4 December 2017 his forthcoming exit from the Group Executive Board; he retired in 2018. His successor as President of Wealth Management was Martin Blessing.
In 2019, Zeltner assumed the role of Group CEO and board member at KBL European Private Bankers, making a notable co-investment in this pan-European private banking group. He was nominated to join Deutsche Bank’s Supervisory Board in August 2019 but resigned before year-end. Sigmar Gabriel replaced him in January 2020.
Business strategy
At UBS’s annual Investor Day held on 17 November 2011 in New York, Zeltner outlined the strategic positioning and growth prospects for UBS Wealth Management. He underscored that UBS prioritizes its wealth management division as a core element of its overall strategy.
By February 2015, Zeltner was ranked second among the world’s top ten private banking CEOs, highlighting a strategic evolution from focusing primarily on asset accumulation and product development towards client advisory services and portfolio diversification. He emphasized that contemporary wealth management centers on guiding clients regarding portfolio structuring, asset allocation research, and investment oversight. Addressing the Swiss National Bank’s decision to remove the Swiss franc’s peg to the euro, Zeltner pointed out how ensuing market fluctuations reinforced the need for diversified portfolios. He observed that clients with well-diversified holdings across major markets along with currency hedging stand on firmer financial footing, enabling UBS to showcase its advisory capabilities effectively. By 2016, Zeltner’s initiatives had earned him recognition even among industry competitors.
Roles and Responsibilities
- Board member of the IMD Foundation based in Lausanne
Philanthropic Endeavors
Zeltner held the position of Chairman at the UBS Optimus Foundation until his departure from UBS at the close of 2017.
During the 2015 World Economic Forum, UBS introduced the Davos Challenge, Walk for Education, which motivated 1,000 participants to raise money to provide bicycles for children in South Africa. Zeltner took part in this initiative alongside Axel A. Weber and other UBS delegates.
Publications
- June 2012
- Transforming Wealth Management
- November 2012
- Investment Portfolio Performance in Varied Market Conditions
- April 2013
- Future Directions in Wealth Management
- November 2014
- Striving for Enhanced Insights through Superior Data - authored by Jürg Zeltner
- April 2015
- "Discussing Significant Financial Matters"
- September 2015
- Collaboration and Adaptability as Keys for Large Banks to Prosper - by Jürg Zeltner
- February 2016
- Jürg Zeltner’s Passion for Private Banking
- September 2017
- Capitalizing on Growth Prospects within Wealth Management
External Links
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<ref>tag; no text was provided for refs namedPrivate Banking and Wealth Management Survey 2015: Best Global Private Banking CEOs