Published: June 30, 2009
Lukas Ruflin has been appointed deputy CEO of EFG International, returning from EFG Financial Products which he co-founded in 2007. In his new role, he will focus on further development and execution of the firm’s strategy, working closely with CEO Lawrence Howell and his colleagues in the executive committee.
Jim Lee will relinquish his position as deputy CEO to become head of EFG International’s Asset Management business, overseeing EFG Financial Products, Marble Bar Asset Management, Capital Management Advisors, and other asset management and funds businesses within EFG International’s group of banks.
With the creation of the new Asset Management group, EFG International said it aims at strengthening governance as well as leveraging know-how and resources across the company, through improvement of processes and closer cooperation with the firm’s worldwide private banking operations.
At the same time, EFG announced that the new group will develop its sales capabilities to third parties. Private banking CROs will continue to work under the strict open-architecture principle upheld by the firm.
According to the firm, the first four months of 2009 were challenging both in terms of net new assets and profitability. EFG also claims that its business is fundamentally healthy and growth prospects are intact, with key staff and clients retained and assets under management increased. EFG’s cost saving measures include salary reductions, renegotiation of supplier contracts, reduction of infrastructure and other operating costs, reviews of subcritical locations and job reductions.