Former Swiss central bank head joins BlackRock
Philipp Hildebrand, former head of the Swiss National Bank, who was forced to resign in January over a currency trading scandal involving his wife, is to join BlackRock.
Hildebrand will be based in London, taking charge of BlackRock’s institutional business for Europe, the Middle East, Africa and Asia Pacific from October.
With his extensive connections in senior European central banking circles, Hildebrand is expected to boost BlackRock’s efforts to build its government advisory business. He will also be advising clients on investment issues at a time of regulatory uncertainty and volatile global markets.
“He will contribute a unique perspective on global markets and economic trends to BlackRock’s investment teams and also represent the firm to senior government officials and regulators across EMEA and Asia Pacific,” BlackRock said in a statement.
He was forced to resign from the SNB when he couldn’t prove that he wasn’t involved in in his wife’s currency trading just ahead of his decision to cap the Swiss franc’s value. He was later cleared of having broken any rules.
Before joining the SNB to become a central banker, he was chief investment officer at Swiss private banks Vontobel and Union Bancaire Privée, and hedge fund manager at Moore Capital.