Saxo Bank appoints UBS veteran Claudius Sutter to the board

Rick Steves

Claudius Sutter has spent 37 years at UBS, particularly in private banking, and joins former UBS colleague Andreas Amschwand, who is now at the helm of the Swiss operation of Saxo Bank.

The Swiss arm of Saxo Bank has appointed Claudius Sutter to its board of directors, replacing Tino Gaberthuel, who is not standing for reelection.

Claudius Sutter has spent 37 years at UBS, particularly in private banking, and joins former UBS colleague Andreas Amschwand, who is now at the helm of the Swiss operation of Saxo Bank. The banker joins Saxo Bank Switzerland as a new member of the Board of Directors effective November 2021.

The most recent role at UBS was of Managing Director as he spent the last five years developing the first UBS fully Digital Wealth Manager under the name of UBS SmartWealth. The platform was launched in the United Kingdom.

Sutter has also worked as the COO of the Chief Investment Office from 2012 and was COO of Investment Products and Services. For two years he restructured the Product Engine of UBS Wealth Management.

His 37 years at UBS also include working in the Business Strategy Consulting division. He analyzed the UBS Corporate Structure and led the restructuring of Finance, Legal, HR, Operations and IT as part of the build out of a new UBS Corporate Center.

Claudius Sutter’s vast and diverse career includes roles as COO UBS Investment Bank Europe, Middle-East, Africa and Switzerland; COO Investment Bank Switzerland, and roles in Corporate Banking, FX Sales, E-Commerce, Product Management Logistics and IT.

Saxo Bank has been working closely with HSBC. The bank has recently announced its Singapore operation would partner with Saxo in order to integrate its trading technology into the digital investment offerings.

The adoption of Saxo’s self-directed trading infrastructure for equities investments marks a significant move for Saxo Bank which has been expanding across the Asia Pacific at a very fast pace.

HSBC is one of the largest banking players in the region and the deal with HSBC Singapore may be the first step in a larger agreement between both companies.

HSBC stated it expects the collaboration to strengthen its offerings for its retail banking customers, including those overseas.

Saxo Bank’s trading infrastructure offers access to new platform functionalities, more global opportunities and an enhanced user experience to HSBC clients.

The platform uses OpenAPI technology to make digital banking easier and more efficient, while reducing cost and complexity.

Saxo Bank has focused much of its business development in the Asia Pacific. Earlier this year, Saxo Bank reported a 400% growth in client deposits since Geely took over the company.

Saxo Capital Markets HK Limited has been awarded type 4 and type 9 licenses from Hong Kong’s regulator, SFC. The new licenses will allow Saxo Markets to provide asset and wealth management services to investors and are part of Saxo’s expansion strategy in China and Hong Kong.

Saxo keeps growing its client base at a fast speed, having onboarded more than 159,000 new accounts in the first half of 2021.

Total active accounts now amount to more than 790,000 and total clients’ assets under custody have surpassed DKK 595 billion as of 30 June 2021.

In October, Saxo Bank reported crypto trading turnover exceeding 2.5 billion USD since launching Crypto FX products in May 2021.

Clients have quickly responded to the launch by adhering to the new offering, prompting the Danish online broker to increase position limits and add new crypto products in response to significant client demand.

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