Wealth Briefing: Mirabaud, following Pictet and Lombard Odier, abandons unlimited liability - Spear's Magazine

Wealth Briefing: Mirabaud, following Pictet and Lombard Odier, abandons unlimited liability

The ownership as well as the group’s management will remain in the hands of the current managing partners, Mirabaud said in a statement yesterday

Geneva-headquartered private banking and investment house Mirabaud Group has launched a Luxembourg bank and transformed its Mirabaud & Cie entity into a limited company. The move carries echoes of moves in February this year by Pictet and Lombard Odier to abandon the old unlimited liability model.

The ownership as well as the group’s management will remain in the hands of the current managing partners, Mirabaud said in a statement yesterday. Meanwhile, the new bank in Luxembourg, with an opening also scheduled for early 2014, will develop the private banking activities of the group in Europe, and will head these activities in the UK, in France and in Spain.

Within the new partnership limited by shares, Mirabaud & Cie SCA, the managing partners set global strategy and objectives of all group entities. The managing partners will bear unlimited personal liability for the partnership limited by shares. The latter will be the parent company of all group entities in Switzerland and abroad, including the Swiss bank Mirabaud & Cie that – subject to regulatory clearance – will become a limited company.

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