Walter Berchtold, 54, is giving his board memberships at Alpine Select and Absolute Invest with effect at the end of the year, Alpine Select said last night.

The resignation follows his appointment as chief executive officer of Falcon Private Bank in a bid to avoid conflicts of interest, Alpine Select added. Berchtold, who used to run Credit Suisse's private bank, will take up his new job at the beginning of October.

Replacement Not Yet Appointed

Berchtold was elected to the board of Alpine Select in May 2014. Other members are Raymond J. Baer (chairman), Thomas Amstutz and Dieter Dubs.

The company hasn't yet decided who it wants to replace Berchtold.