ZURICH, April 27 (Reuters) - The departure of star fund manager Rajiv Jain from Swiss private bank Vontobel could have a negative impact among institutional investors although it was too early to draw conclusions, Chief Executive Zeno Staub told a newspaper.
“This will lead to a dent at first,” he was quoted as telling Handelszeitung in an a summary of an interview released ahead of publication. He was not more specific.
Reiterating the bank’s openness to acquisitions to help fuel growth, Staub said outflows from customers fleeing Switzerland as its bank secrecy is diluted were slowing. “2016 will be the last year in which we see material impact in this regard,” he said.
He said Vontobel had concluded an internal review into whether it had helped U.S. citizens avoid taxes. “The report is now with the authorities,” he was quoted as saying. (Reporting by Michael Shields, Editing by John Miller)