March 7, 2016 / 8:12 PM / 4 years ago

Jain quits Vontobel to go it alone, replaced by Benkendorf

ZURICH, March 7 (Reuters) - Fund manager Rajiv Jain will leave Bank Vontobel in May, marking the departure of one of the Swiss private bank’s most-prominent figures credited with helping its growth over the last two decades.

Matthew Benkendorf, Jain’s deputy at Vontobel’s New York-based Quality Growth investment boutique, will replace him, the Zurich-based bank said in a statement on Monday.

In 2014, when Vontobel shares fell on speculation that he was about to leave, Jain said: “rumours of my death are greatly exaggerated.”

He is now leaving to start his own venture, Vontobel said.

Jain was a significant force behind much of the growth in the Swiss bank’s asset management business, with his 70-employee unit within the bank managing about $48 billion in assets, a third of Vontobel’s total.

Benkendorf takes over as lead portfolio manager of Vontobel’s flagship Global Equity, Europe, Australasia and Far East, and Emerging Market Equity investment strategies; Donny Kranson becomes lead European Portfolio Manager while Brian Bandsma takes over as lead Far East Portfolio Manager from Jain, who had been at Vontobel for 22 years. (Reporting by John Miller; Editing by Alexander Smith)

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