UBS is eliminating all 147 investment banking positions at Credit Suisse in Spain, which includes investment bankers as well as back- and middle-office staff in Wealth Management. Despite these cuts, UBS has retained Credit Suisse's private banking operations in Spain and remains committed to the Spanish market, aiming to enhance its growth strategy and deepen product capabilities.

Temenos, a banking software provider, reported an 11 percent increase in revenues to $236.7 million in the third quarter, with software licensing growing by 25 percent. Adjusted EBIT was up 46 percent, and earnings per share increased by 61 percent. The company raised its full-year EBIT growth guidance to at least 8 percent and earnings per share to at least 7 percent. Free cash flow significantly increased compared to the previous year. Andreas Andreades will continue as interim CEO while the search for a new CEO, initially aimed to be completed by the end of the year, extends into the next year.

UBS has created a new team called Strategic Insights and Advisory, which includes specialists from Credit Suisse. The unit will utilize complex data sets and AI analytics to provide transaction insights to investment banking clients. James Arnold of UBS and Rick Faery of Credit Suisse will co-head the team, reporting to David Kostel and Christian Lesueur, UBS's global co-heads of investment bank coverage. The team will analyze data from $5.5 trillion worth of equity deals, including ESG capital mapping.

The Swiss fund market experienced a decline in the third quarter with muted market sentiment leading to losses and cash outflows, except for money market funds. Despite this, assets under management increased by 36.7 billion Swiss francs since the beginning of the year. UBS and Credit Suisse are the largest Swiss asset managers. Globally, asset management saw a significant drop in assets under management, with BlackRock leading followed by Vanguard and others. The Thinking Ahead Institute's research suggests investment managers face ongoing challenges with a higher-for-longer interest rate regime.

UBS is a lead partner in the Open Quantum Institute (OQI), which was launched in Geneva with partners including GESDA, CERN, the Swiss Federal Department of Foreign Affairs, ETH Zurich, and EPFL. The foundation will focus on quantum computing projects that contribute to the United Nations Sustainable Development Goals, with UBS providing financial support and strategic expertise. Christian Bluhm, UBS Group Chief Risk Officer, joins the advisory board, emphasizing Switzerland's role in the quantum computing field.

Zwei Wealth, a Zurich-based financial boutique, has launched its Wealth Office services in the UK, marking its first international expansion. The platform has connected with eleven banks and asset managers in the UK and anticipates growing its customer portfolio to over 50 by the end of the year. The company has received a better-than-expected response in the UK. Zwei Wealth is considering further expansion into Germany and potentially Singapore next year, according to co-founder and CEO Patrick Mueller.

Julius Baer has set up a desk in the Dubai International Finance Center to strengthen its business with external asset managers and independent financial advisors, leveraging its early presence in the region. Marc Haefeli, a twelve-year veteran at Julius Baer with extensive experience in the Middle East, will lead the desk. New hires Aakanksha Raizada and Pebin Muriyamadom, previously with Credit Suisse Dubai and LGT Dubai respectively, have joined as relationship managers.

Vontobel announced that Georg Schubiger and Christel Rendu de Lint will become Co-CEOs, effective January 1, replacing Zeno Staub. Concurrently, Marko Roeder, once considered a potential CEO successor, has decided to step down from his role as head of Asset Management for personal reasons, with plans to assume a new position within or outside the Vontobel Group. Roeder had been with Vontobel for over a decade, contributing to its expansion as a global provider of actively managed investment solutions.

Georg Schubiger and Christel Rendu de Lint have been appointed as Co-CEOs of Vontobel, effective January 1, succeeding Zeno Staub who is stepping down to engage more in Swiss civil society. Schubiger has been with Vontobel since 2012, while Rendu de Lint joined in May 2021. Both will continue their current roles alongside their Co-CEO duties, and Staub will support them until the General Meeting of Shareholders on April 9. Their appointments are pending regulatory approval.

HSBC's Swiss-based private banking arm has hired Aladdin Hangari as the head of global private banking for the Middle East and North Africa, succeeding Sobhi Tabbara. Hangari, along with Patrick D'Amico, Christian Hiller, Thomas Schaad, Simon Aeschlimann, and Kouroche Achtari, all former Credit Suisse employees, will join HSBC to expand its business with ultra-high-net-worth clients in the Middle East and Swiss-based international clients.

HSBC's private banking subsidiary in Geneva and Zurich has hired several bankers from Credit Suisse to expand its Middle East business. Aladdin Hangari is appointed as head of Global Private Banking for MENA, succeeding Sobhi Tabbara. Patrick D'Amico becomes Global Market head of Qatar, with Christian Hiller, Thomas Schaad, and Simon Aeschlimann joining as relationship managers. Kouroche Achtari is appointed market manager for international clients in Switzerland. These appointments aim to strengthen HSBC's services to Swiss-based UHNW clients and family offices.

Tobias Wehrli has been appointed as the new CEO of EFG Bank von Ernst in Liechtenstein, a subsidiary of EFG International. He succeeds Daniel Taverna, who now becomes head of private banking in Liechtenstein at EFG. Wehrli, with nearly three decades of experience, previously worked at VP Bank and St. Galler Kantonalbank. He will report to Franco Polloni and focus on strengthening EFG's position in Liechtenstein and expanding the business.

Thomas Meier, the chairman of the board of directors at Liechtenstein private bank VP Bank, has decided not to stand for re-election after six years and two terms. The bank has announced the need to find a successor and aims for an optimal handover of staff. Meier's significant contribution to the bank's strategic development was acknowledged, and his official farewell will occur at the annual general meeting on April 26.

Swissquote, an online bank, will have Nestor Verrier as its new COO starting January 1, succeeding the retiring Lino Finini. Verrier, with a 20-year career in banking, is currently the general manager of Swissquote Bank Europe. Swissquote oversees over 56 billion Swiss francs in assets and is part of Swissquote Group Holding, which is listed on the SIX Swiss Exchange and co-owns the fintech app Yuh with PostFinance.

An activist investor group, including Newgame and Bruellan SA, holding nearly ten percent of GAM shares, has nominated Randel 'Randy' Freeman as the new CEO for the Swiss asset manager GAM. Freeman's appointment is anticipated following GAM’s extraordinary general meeting around September 27, pending regulatory approval. His background includes roles at Sterling Strategic Value, Goldman Sachs, Banque Paribas, Centaurus Capital, and Fortress Investment Group.

Vontobel, a Zurich-based financial institution, is set to offer private market investments to its wealth management clients through a collaboration with Portfolio Advisors, a global private asset manager. This new service, starting next month, allows clients to invest in a fund with multiple strategies, marking Vontobel's first partnership with an international private markets specialist. Portfolio Advisors, which recently merged with FS Investments, manages $75 billion in assets and specializes in the US middle market across private equity, credit, and real estate.

Babak Dastmaltschi, a top banker known for managing the wealth of Russian billionaires at Credit Suisse, has been retained by UBS and is joining a newly created unit in their global wealth management business. Despite his past focus on Russian clients, UBS's decision to keep Dastmaltschi is likely due to his shift towards Middle Eastern and European clients since 2014. Credit Suisse, which holds over a third of Swiss-reported assets linked to Russia, has seen international private clients, particularly Russians, needing to find new banks due to the sensitive nature of the business. Following Russia's invasion of Ukraine, Switzerland has frozen assets linked to Russia and Belarus worth over 7.5 billion francs.

The article reports on the significant improvement in business sentiment in Germany for June as indicated by the Ifo Institute's business sentiment index. The index rose to 86.2 from a revised 79.7 in May, marking a record increase. Both current conditions and expectations components saw a rise, the first simultaneous increase since December of the previous year. The improvement was observed across major economic sectors including manufacturing, services, trade, and construction. Bundesbank President Jens Weidmann also provided insights, acknowledging the sharp recession but noting positive developments and a gradual recovery, with expectations for the economy to return to pre-crisis levels by the end of 2022. The next Ifo business sentiment report is scheduled for release on July 27.

The article by Marco Babic discusses the recent improvements in Germany's economic indicators according to the ZEW institute. The ZEW Economic Sentiment Index for Germany rose to 63.4 in June, indicating a more positive outlook and the first concurrent improvement in both current conditions and economic sentiment this year. Despite the current conditions index remaining negative at -83.1, there is a growing confidence that the economy may recover by summer 2020. Additionally, the Federal Statistics Office's Truck Toll Mileage Index showed a 6.1% increase, suggesting a correlation with a potential rise in industrial production. The article also mentions the IFO business sentiment index, which improved in May, with expectations for the June data to provide further insights into the economic trend.