Philipp Hildebrand
Philipp Michael Hildebrand ( born July 19, 1963 in Berne; homeland justified in Horw ) is a Swiss economist and political scientist. He was from 2003 a member of the Board of the Swiss National Bank and between January 1, 2010 and January 9, 2012 its president.
Life
Hildebrand grew up in Horw in the Canton of Lucerne bilingual in German and English. After passing his matriculation examination in Zurich in 1988, he earned a Bachelor of Arts from the University of Toronto. It followed postgraduate studies at the Geneva Graduate Institute of International Studies (HEI ), the European University Institute ( EUI ) in Florence and at the Center for International Affairs at Harvard University. In 1994 he earned his doctorate at the University of Oxford.
His professional career began Hildebrand 1994 at the World Economic Forum in Geneva, where he was a member of the Executive Vice President of Europe and the regional WEF activities in financial services. In 1995 he moved to the U.S. asset managers and hedge fund Moore Capital Management ( MCM) in London and New York, where he became partner in 1997. In August 2000, Hildebrand resigned as Chief Investment Officer in the Zurich-based private bank Vontobel. In October 2001 he joined the Union Bancaire Privée in Geneva. There, he served as Vice President and Member of the Executive Committee for all aspects of asset management.
In July 2003 Hildebrand was appointed by the Federal Council as a member of the Board of the Swiss National Bank. There he took over the management of the III. Departments in Zurich, which is responsible for the areas of money market and foreign exchange trading, asset management, risk management, Banking Operations and computer science. As of early May 2007, the Federal Council appointed him vice president of the Board and Head of Department II in Bern, which includes the areas of money, finance, financial systems and security. In April 2009, Hildebrand was appointed by the Federal President of the Board. He thus entered in the footsteps of Jean -Pierre Roth, and took over the management of Department I in Zurich, which includes the areas of international affairs, economics, law and services, human resources, communications, and regional economic relations.
In addition, Hildebrand was 2006-2007 Chairman of the Deputies of the Group of Ten ( G -10). From August 2006, he was President of the Foundation Board of the " International Center for Monetary and Banking Studies" ( ICMB ) in Geneva. He represented Switzerland in the steering committee and the plenary of the Financial Stability Board ( FSB); November 2011 to January 2012 he was Vice - Chairman of the FSB. He was a member of the " Comité stratégique " of " Agence France Trésor ", the body responsible for the debt and asset management institution in France from spring 2009 and Chairman of the " Working Party No.. 3 » the OECD. In 2002, he also held a visiting professor for economics and political science at the Geneva Graduate Institute of International Studies. He also was a member of the Board of Directors of the Bank for International Settlements ( BIS) in Basel. Since 2008 he is member of the Group of Thirty. Hildebrand also has close ties to the U.S. Federal Reserve. He writes regularly for the magazine " International Economy " in Washington and is also co- author of the work, " How Do Central Banks Talk? ».
In December 2011, appointed the financial magazine The Banker Philipp Hildebrand to the Central Bank Governor of the Year 2012 - Europe. He was recognized in particular for his leadership in the wake of the global financial and banking crisis.
Hildebrand was in the 1980s as a float member of the Swiss national swimming and in the years 1983/84 two-time Swiss champion. He is married to the Swiss- American gallery owner Kashya Hildebrand and one daughter. Since autumn 2012 Hildebrand lives with his family in London.
Allegation of insider trading and withdrawal
In December 2011 and January 2012 Hildebrand came for insider trading allegations, in particular due to a foreign exchange purchase of 504'000 U.S. dollar against the Swiss franc his wife Kashya Hildebrand in August 2011 through his account - according to his information without his prior knowledge - in advance of the determination of the EUR minimum rate 1.20 Swiss francs per euro by the Swiss National Bank in September 2011, under strong pressure.
Lawyer and SVP cantonal Hermann Lei played by a bank employee of Bank Sarasin stolen account records of Hildebrand to the National Councillor Christoph Blocher to. Blocher initially informed the Federal Council as the control authority of the SNB on the transactions, then the Bank Council commissioned the auditors PricewaterhouseCoopers ( PWC) to investigate the banking transactions of the Hildebrand family in 2011. PWC concluded that no violation of the Regulations on equity transactions in financial instruments occurred and that all transactions were conducted in compliance. After a presentation by Urs Paul Engeler in the weekly newspaper The World Week Philipp Hildebrand said to have given the controversial currency transactions even in order. Hildebrand denied these allegations. The documents got the world week by Hermann Lei.
On 9 January 2012, the Swiss National Bank announced that Hildebrand puts his office immediately available. In the following press conference Hildebrand justified his resignation by saying that he " given the ongoing public debate around these financial transactions, after a thorough examination of all documentation and in depth meditation since the press conference " had come to the conclusion that " it is not possible, a to provide final evidence that my wife has caused the foreign exchange transaction on 15th August without my knowledge. "He reinforced the message with a word of honor. With his resignation, he also released new documents that are not clearly exonerated him. According to the documents gave its agreement in principle Hildebrand for dollar transactions his wife in the run-up to the controversial dollar purchase from August 2011, but did not order it.
The Chairman of the Board of the SNB took over as interim Vice President Thomas Jordan.
In January 2012, the Bank Council of SNB SNB commissioned the auditors KPMG Switzerland with the review and analysis of all the not yet known to the public and already audited financial transactions by Philipp Hildebrand, and all members of the General Board and their dependents (other than by Kashya Hildebrand ) for the period from 1 January 2009 to 31 December 2011. KPMG Switzerland published their audit report on March 7, 2012. KPMG found no regulation violations. Mid- March 2012, extended the National Bank to audit on the accounts of his wife Kashya Hildebrand. On April 25, 2012, the result of the examination of the private and Geschäftskonti of Kashya Hildebrand followed. The review included all foreign exchange transactions from 20,000 francs and all other transactions from CHF 100,000 for the period 1 January 2009 to the end of December 2011. Were found no rules violations.
In the prosecutor's office were filed against Hildebrand and his wife for breach of the legislation on insider dealing ads. In September 2013, the relevant procedures were formally done with a Nichtanhandnahmeverfügung because foreign exchange transactions according to the wording of Article 161 of the Criminal Code does not fall within the scope of the legislation on insider dealing.
Time after stepping down as president of the National Bank
In March 2012 it was announced that Philipp Hildebrand adopted at the Blavatnik School of Government at the University of Oxford a guest spot as a Research Fellow. Since October 2012, he looked at the world's largest asset manager BlackRock in London as Vice Chairman institutional investors in Europe, the Middle East, Africa and Asia and the Pacific.
Documentation
- Hans Jürg Zumstein: The forced resignation. Why National Bank President Hildebrand had to go. Video: Swiss television, DOK on 14 June 2012 ( 50 minutes)