(Corrects age of Scheidt in second paragraph in story that was published on Dec. 15.)
Dec. 15 (Bloomberg) -- Vontobel Holding AG appointed Zeno Staub as head of its asset-management unit, succeeding chief executive officer Herbert Scheidt.
Staub, 41, will succeed the 59-year-old Scheidt on May 4, 2011, Zurich-based Vontobel said today in a statement. The executive, who studied economics and has a Ph.D from the University of St. Gallen, has held management positions with the bank since 2001.
“Under his operational management, the Vontobel Group will pursue the successful course it has taken in recent years,” Vontobel said in the statement. The company said Aug. 31 that it planned to appoint a new CEO after proposing that Scheidt become supervisory board chairman in May.
Staub was appointed Vontobel’s chief financial officer in 2003 and oversaw investment banking beginning in 2006 before taking over asset management two years later.
Founded as a stockbroker, Vontobel now generates more than half its earnings from investment banking. In 2006, Scheidt acquired a business from Lombard Odier and a majority stake in hedge-fund specialist Harcourt Investment Consulting AG.
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