The appointment, which is subject to clearance by regulators, had been jointly held by two people ad interim since February this year. From February 2024, the role of head of investment solutions will be covered by one person.

EFG International, the Zurich-listed firm operating in a number of regions, has appointed Andre Portelli as the new head of investment solutions, effective 1 February 2024. 

His appointment is subject to regulatory approval. 

Portelli will report to Giorgio Pradelli, CEO of EFG International, it said in a statement yesterday. 

With more than 20 years’ experience in private banking and investment banking, Portelli he has been global co-head investments and global head of the strategic solutions group and private markets at Barclays Private Bank since 2017. From 2010 to 2017, he held senior positions at UBS, including head of private solutions, EMEA, at UBS’s investment bank.

Prior to that, Portelli worked for Nomura and Lehman Brothers in the UK, the UAE and Switzerland. He is a Maltese citizen and holds a master's in international economics and management, money, banking and finance from the Bocconi University Business School, Milan.

Moz Afzal and Oliver Heinzelmann have served as interim co-heads of investment solutions since February 2023 in addition to their responsibilities as chief investment officer and chief executive CEO EFGAM and head of strategy and business development investment solutions, respectively. 

The firm said that from 1 February 2024, Moz Afzal will focus fully on being chief investment officer and CEO EFGAM and will become a member of the global business committee of EFG International.

From that date, Oliver Heinzelmann will assume the role of Investment solutions chief operating officer.

Both Afzal and Heinzelmann, will report to Portelli.

As covered in late July, the firm has reported that its net profit rose 47 per cent in the first six months of 2023 reaching SFr147.6 million ($170.9 million). Net new assets totalled SFr3.0 billion, corresponding to an annualised growth rate of 4.2 per cent, and inside EFG’s target range of 4 to 6 per cent. The firm said that asset inflows strongly rebounded from April to June. Total assets under management rose to SFr146.5 billion at the end of June from SFr143.1 billion at the end of December 2022.