Swiss monthly magazine «Bilanz» (in German) highlights the role of a close associate of former Raiffeisen CEO Pierin Vincenz, the subject of a criminal investigation of secret side deals while at the bank. 

The associate, Beat Stocker (pictured below), is the former CEO of Aduno, one of the vehicles prosecutors are investigating the duo over. Both men have been jailed since early this month – a highly unusual measure in high-profile white-collar crime.

The publication describes how Vincenz and Stocker, a marketing executive and consultant, forged close ties. The long-standing former Raiffeisen boss reportedly fueled the appointment of Stocker as head of Aduno, a credit card services firm. Stocker was a consultant at the predecessor firm, Viseca – where he was hired by Swiss banker Barend Fruithof, who built up Viseca.

Consulting With One Client

After stepping down at Aduno, Stocker in 2012 launched his own advisory firm, Fides Business Partners – apparently with the sole purpose of helping Vincenz with Raiffeisen's diversification strategy. The bank snapped up stakes in investment firm Investnet, forged a tie-up with Swiss private bank Vontobel in 2004, bought the remaining parts of collapsed Swiss private bank Wegelin, and built up considerable stakes in software maker Avaloq, insurer Helvetia, and derivatives boutique Leonteq.

During the heated expansion that followed until Vincenz retired in 2015, Vincenz reportedly «took care» of Stocker by granting him advisory mandates worth more than 500,000 Swiss francs ($528,186) annually, and more than 1 million francs in business in one year alone. The CEO had a special budget line for the mandates, «Bilanz» reported.

Asset Management Push

Stocker became inextricably linked with Raiffeisen's expansion into asset management. The bank quickly piled up asset manager deals under its TCMG holding, with Stocker in Raiffeisen's takeover committee, together with TCMG boss Beat Wittmann, Raiffeisen finance chief Marcel Zoller and compliance overseer Nadja Ceregato – Vincenz's wife (click here to read finews.com's profile of Ceregato).

By contrast, Stocker wasn't involved in the purchase of Basel-based private bank La Roche though Raiffeisen's wealth management arm, Notenstein. However, Vincenz did grant Stocker mandates until his retirement three years ago. His protege and successor at the helm, Patrik Gisel, put a stop to the advisory mandates, and the payments, the magazine reported. 

Stocker and Vincenz, who have been remanded in custody for four weeks, are accused to acting in bad faith. Zurich's prosecutor has been mum about if and when charges might be levied.