Swiss bank Mirabaud is strengthening its U.K. operations through a series of senior hires.
Headquartered in Geneva, Mirabaud is a privately held banking and financial services firm with an over 200-year history. While the company has maintained a global presence across Europe, the Americas, Asia, and the Middle East, it has traditionally played a smaller role in the lucrative U.K. market. However, a series of high-profile hires aimed at strengthening Mirabaud’s U.K. wealth management operations could signal a greater focus on the United Kingdom.
Expanding the UK Team
The latest addition is Jonathan Unwin, appointed in December 2023 as Mirabaud’s U.K. head of portfolio management.
In his new role, Unwin will oversee the management of Mirabaud’s discretionary client portfolios in the U.K., reporting directly to Stuart Bates, the company’s U.K. market head. Unwin brings nearly 16 years of experience in the industry, having previously managed portfolios worth over £3 billion (approximately $3.75 billion) at Credit Suisse’s London office.
Prior to joining Mirabaud, Unwin spent several years at Banque Havilland in Luxembourg, where he played a central role in establishing the bank’s discretionary platform. He served as the lead manager for multiple model strategies and customized accounts. His responsibilities expanded to include chairing the bank’s investment committee, where he oversaw asset allocation decisions, managed client portfolios, and was instrumental in client acquisition and relationship management. Unwin’s expertise has earned him recognition; he was named a Top 30 Influential Fund Selector by Citywire in 2019 and featured as a Recommended Wealth Manager in Spears Top 500 in 2022.
“With 200 years of entrepreneurial expertise, Mirabaud’s track record as a steward of wealth across the generations is well established, and its further expansion in the U.K. wealth management space makes this a particularly exciting time to be joining the business,” said Unwin in a press release announcing the hiring. “I look forward to working with the outstanding U.K. team to deliver truly curated, agile investment solutions and the very best client service.”
Unwin’s appointment follows the additions of Joe Knight and Liam Jones to director-level positions in August 2023. Knight, who joined from UBS, will serve as Mirabaud’s U.K. managing director, while Jones, also from UBS, will advise the firm’s high-net-worth clients.
In a statement, Bates said the new hires would “fortify and expand our U.K. wealth proposition” and deliver an “excellent level of service to both our existing and future clients, exemplifying our relentless commitment to growth and excellence in the U.K. financial landscape.”
The Bigger Picture
Mirabaud’s push into the U.K. is part of a broader effort by the firm to expand its global footprint. Founded in 1819, it has weathered numerous economic storms over the decades, maintaining a reputation for prudent management and a commitment to discretion that’s made it a trusted partner for high-net-worth individuals and families around the world.
The firm’s international growth has been a central part of its strategy in recent years. It expanded its operations in the Middle East in 2019 with an office in Abu Dhabi, United Arab Emirates, and recently pledged to double its assets under management in Latin America to $8 billion by 2030.
It reported solid financial results in 2023. Despite challenges like a stronger Swiss franc and high interest rates, Mirabaud posted a consolidated net profit of 31.3 million Swiss francs (about $33 million) for the year, compared to 32 million Swiss francs in 2022. Its operating profit was 42.4 million Swiss francs, up from 2022’s 40.5 million Swiss francs.
As of the end of 2023, Mirabaud managed 30.2 billion Swiss francs in assets, including 6.4 billion Swiss francs from its asset management division. Revenue increased to 309.9 million Swiss francs, driven by higher net interest income offsetting declines in fee income. Operating expenses totaled 248.3 million Swiss francs.
“Mirabaud’s results for the 2023 financial year are in line with our long-term strategic objectives and also reflect the prudent and high-quality management of our balance sheet, as well as our group’s financial soundness,” says Yves Mirabaud, senior managing partner.
The firm continued investing heavily in long-term growth initiatives. This included a digital transformation of its private banking arm, developing new investment solutions for evolving client needs, and recruiting advisors globally. It also expanded its private investment capabilities through a partnership focused on agritech and transforming food systems.
Today, Mirabaud employs a staff of more than 700 and operates more than a dozen offices in 10 countries across four continents, including London, Paris, Milan, Madrid, Spain, Montreal, Sao Paulo, Dubai, United Arab Emirates, and Montevideo, Uruguay.
See more recent Mirabaud news here: https://www.wealthbriefing.com/html/article.php/Mirabaud-Adds-Senior-Banking%2C-Finance-Figures-To-Swiss-Entity%27s-Board
