Swiss central bank chief to join BlackRock

Swiss central bank chairman Philipp Hildebrand, who quit over a currency trading scandal, is to join BlackRock as vice chairman in October.

Hildebrand will report to CEO Laurence Fink and will oversee the firm’s largest institutional client relationships in Europe, the Middle East, Africa and Asia Pacific.

Hildebrand resigned from the Swiss National Bank (SNB) after his wife Kashya carried out a currency trade just weeks before he oversaw the introduction of a cap on the Swiss franc’s value.

The former Moore hedge fund manager was later found by a SNB commissioned audit not to have broken the central bank’s rules.

Kaysha Hildebrand later made a public apology to the Swiss people and her husband for her actions but denied any insider trading.

Hildebrand joined the SNB in 2003 before rising to the role of chairman in 2010, and won praise for helping to orchestrate the 2008 bailout of UBS which prompted tougher Swiss banking regulations.

He was the youngest ever SNB Chairman when he was appointed to the position in January 2010. He also served as Director of the Bank for International Settlements in Basel and was Vice Chairman of the Financial Stability Board. The Banker magazine named him Central Bank Governor of the Year for Europe in December 2011.

 

This article was first published on Investment Week

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