Philipp Hildebrand – the former chairman of the Swiss National Bank (SNB) who stepped down following a currency trading scandal – is set to join BlackRock, the US asset manager has revealed.
Hildebrand resigned from his role as head of the Swiss central bank in January following allegations over currency trades made by his wife in August 2011. Six SNB employees, including Hildenbrand and two other board members, were cleared of any wrongdoing in March this year.
BlackRock said Hildebrand will join the firm in London in October 2012 and take up a role overseeing its largest institutional client relationships in EMEA and Asia Pacific.
In this new capacity, Hildebrand will work across departments and represent the firm in discussions with senior government officials and regulators across EMEA and Asia Pacific. He will report directly to BlackRock chairman and CEO, Laurence Fink.
Commenting on the appointment, Fink said: ‘Few leaders are as widely respected for their expertise, judgement and integrity as Philipp Hildebrand. He embodies superb qualities of intellect and character that are critical to earning our role as a trusted advisor to our clients.’
Hildebrand's decision to stand down from the SNB marked the end of two years in the role of chairman. He was the youngest ever chairman when appointed in January 2010.
Prior to the Swiss National Bank, Hildebrand also worked at Union Bancaire Privee in Geneva, where he held the role of CIO and served as a member of its executive board.
He also held roles at Vontobel Group and Moore Capital Management having started his career at the World Economic Forum.