No doubt it is just a coincidence that Deutsche has come to the fore in Switzerland in the year that Josef Ackermann, a former Swiss army officer, became chairman of the bank, and Hubert Keller, another Swiss national, took over from Jeremy Bailey as head of equity capital markets.
Deutsche has increased its market share, despite losing a team of 14 equity specialists from its Zurich office in July to the private bank Lombard Odier Darier Hentsch. The team includes Alberic De-Coulange as the new head of Swiss equities and Bettina Langenberg as head of the Swiss global banking division. He has maintained JO's tradition of strong performance in Europe, established by Stuart Mitchell, a former Morgan Grenfell manager, who quit in 2005 to run his own boutique. Andy Thommen leads global markets, with Josef Ritter and Joe Manko in charge of Swiss equities.
Long-only managers in the Morningstar pan-European table have generated an average of 23.2% in the year to mid-December, following the stock-picking bounce.
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