Zeltner was previously president of UBS Wealth Management in Zurich, where he oversaw “global activities representing more than €2 trillion in assets in under management”, KBL said in a press release on 24 May.

KBL is owned by Precision Capital, an investment vehicle for Qatar’s royal family.

In its 2018 annual report, KBL reported group-wide net consolidated profit of €0.8m (compared to €35.2m for 2017). It also reported private banking assets under management of €39.5bn (compared to €45.3bn at the end of 2017), assets under custody of €26.5bn (compared to €27.5bn on 31 December 2017) and institutional assets under management of €6.6bn as of 31 December 2018 (compared to €8.6bn the year prior).

Zeltner stated in the media announcement:

“KBL epb has carved a niche in the highly competitive European wealth management industry by delivering client proximity and personalized service through its boutique brands.

 

“Having watched the group mature from afar, I now look forward to taking an active role in its growth story – focused on earning the confidence of KBL epb’s clients and staff – and am excited about seizing this entrepreneurial challenge.”

Zeltner replaces Peter Vandekerckhove, who will continue to serve on KBL’s board of directors.

The bank said that Zeltner’s appointment is subject to review by the CSSF, Luxembourg’s financial regulator, and the European Central Bank.