HQ Trust, which manages a part of the Quandt family fortune, has recruited a number of staff from UBS’s German private banking operations.
A source close to HQ Trust confirmed that staff from UBS will join HQ Trust, but did not reveal how many. The source further added that the move will “underpin growth at HQ Trust.” Reports last week said that around 20 staff left UBS’s private banking arm in Germany.
Multi-family office HQ Trust forms a part of Herald Quandt Holding, which has a total of $15 billion in assets under management. It doesn’t manage the money of the other half of the Quandt family that owns a 45% chunk of BMW.