Philipp Hildebrand

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Philipp Hildebrand in May 2005 at the 35th St. Gallen Symposium

Philipp Michael Hildebrand (born July 19, 1963 in Bern ; resident in Horw ) is a Swiss economist and political scientist . He was a member of the Governing Board of the Swiss National Bank from 2003 and its President between January 1, 2010 and January 9, 2012.

Life

Hildebrand grew up in Horw in the canton of Lucerne, bilingual in German and English . After Matura in Zurich he acquired in 1988 with a Bachelor of Arts from the University of Toronto . This was followed by postgraduate studies at the Geneva University Institute for International Studies (HEI), at the European University Institute (EUI) in Florence and at the Center for International Affairs at Harvard University . In 1994 he received his PhD from the University of Oxford .

Hildebrand began his professional career in 1994 at the World Economic Forum in Geneva , where he was a member of the executive board and was regionally responsible for Europe and WEF activities in the area of ​​financial services. In 1995 he moved to the US asset manager and hedge fund Moore Capital Management (MCM) in London and New York , where he became a partner in 1997. In August 2000, Hildebrand joined the Zurich private bank Vontobel as Chief Investment Officer . In October 2001 he moved to Union Bancaire Privée in Geneva. There he was general director and member of the executive committee responsible for all asset management.

In July 2003, Hildebrand was appointed by the Federal Council as a member of the board of directors of the Swiss National Bank. There he took over the management of the III. Department in Zurich, which is responsible for the areas of money market and currency trading, asset management , risk management, operational banking and IT. As of the beginning of May 2007, the Federal Council appointed him Vice-President of the Board of Directors and Head of Department II in Bern, which covers the areas of cash, finance, financial systems and security. In April 2009 Hildebrand was elected President of the Board of Directors by the Federal Council. He thus succeeded Jean-Pierre Roth and took over the management of Department I in Zurich, which comprises the areas of international affairs, economics, law and services, human resources, communication and regional business contacts.

In addition, Hildebrand was chairman of the deputy group of ten (G-10) from 2006 to 2007 . From August 2006 he was President of the Board of Trustees of the International Center for Monetary and Banking Studies (ICMB) in Geneva. He represented Switzerland in the steering committee and in the plenary session of the Financial Stability Board (FSB); from 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 debt and asset management in France , and from spring 2009 chaired the “Working Party No. 3 »of the OECD . From 2002 he also held a lectureship at the Geneva University Institute for International Studies as visiting professor for economics and political science. He was also a member of the Board of Directors of the Bank for International Settlements (BIS) in Basel. He has been a member of the Group of Thirty since 2008 . Hildebrand also has close ties to the US central bank Fed . He writes regularly for the magazine “ International Economy ” in Washington and is also co-author of the book “How Do Central Banks Talk?”.

In December 2011, the financial magazine The Banker named Philipp Hildebrand Central Bank Governor of the Year 2012 - Europe. He was honored in particular for his leadership skills in the course of the global financial and banking crisis.

Hildebrand was a member of the Swiss national swimming team as a swimmer in the 1980s and twice Swiss champion in 1983/84. He is married to the Swiss-American gallery owner Kashya Hildebrand and has a daughter.

Hildebrand has lived with his family in London since autumn 2012.

Accusation of insider trading and resignation

In December 2011 and January 2012, Hildebrand came to his wife Kashya Hildebrand's account in August 2011 on account of insider trading allegations , in particular because of a foreign currency purchase of 504,000 US dollars against Swiss francs - according to his information without his prior knowledge - in advance of the determination of the Minimum euro exchange rate of 1.20 Swiss francs per euro by the Swiss National Bank in September 2011, heavily under pressure.

Lawyer and SVP Cantonal Councilor Hermann Lei passed Hildebrand's account documents stolen by a bank employee of Bank Sarasin to National Councilor Christoph Blocher . Blocher first informed the Federal Council, as the controlling authority of the SNB, about the transactions, then the bank council commissioned the auditors PricewaterhouseCoopers (PWC) to investigate the bank transactions of the Hildebrand family in 2011. PWC came to the conclusion that there was no violation of the regulations on proprietary transactions in financial instruments and that all transactions were carried out in accordance with the rules. According to a representation by Urs Paul Engeler in the weekly newspaper Die Weltwoche , Philipp Hildebrand is said to have commissioned the controversial foreign exchange transactions himself. Hildebrand denied these allegations. Weltwoche received the documents from Hermann Lei.

On January 9, 2012, the Swiss National Bank announced that Hildebrand was leaving his office with immediate effect. In the press conference that followed, Hildebrand justified his resignation by stating that “in view of the ongoing public debate surrounding these financial transactions, after thorough examination of all the documentation and thorough reflection since the media conference, he came to the conclusion that“ it is not possible to unite to provide conclusive evidence that my wife initiated the foreign exchange transaction on August 15th without my knowledge. " He confirmed the statement with a word of honor . With his resignation, he also published new documents that did not clearly exonerate him. According to the documents, Hildebrand basically gave his consent to his wife's dollar transactions in the run-up to the controversial dollar purchase in August 2011, but did not order him.

Vice-President Thomas Jordan took over the chairmanship of the SNB Governing Board on an interim basis .

In January 2012, the Bank Council of the SNB commissioned the auditing company KPMG Switzerland to review and analyze all financial transactions of Philipp Hildebrand and all members of the Extended Board of Directors and their relatives (with the exception of Kashya Hildebrand) of the SNB for the Period from January 1, 2009 to December 31, 2011. KPMG Switzerland published its audit report on March 7, 2012. KPMG found no violations of the regulations. In mid-March 2012, the National Bank expanded the audit mandate to include the accounts of his wife Kashya Hildebrand. On April 25, 2012 the result of the examination of the private and business accounts of Kashya Hildebrand followed. The review included all foreign exchange transactions from CHF 20,000 and all other transactions from CHF 100,000 in the period from January 1, 2009 to the end of December 2011. No violations of the regulations were found.

Reports against Hildebrand and his wife were filed with the public prosecutor's office for violating the insider criminal norm. In September 2013, the relevant procedures were formally resolved with a non-handling order because, according to the wording of Art. 161 StGB , foreign exchange transactions do not fall within the scope of the insider criminal norm.

Time after resigning as President of the National Bank

In March 2012 it became known that Philipp Hildebrand had accepted a guest position as research officer at the Blavatnik School of Government at Oxford University. Since October 2012 he has been serving as Vice Chairman of institutional investors in Europe, the Middle East, Africa and Asia as well as the Pacific for the world's largest asset manager BlackRock in London .

From June 11th to 14th, 2015 he took part in the 63rd Bilderberg Conference in Telfs-Buchen , Austria .

documentation

Web links

Individual evidence

  1. ↑ a b Philipp Hildebrand in the Munzinger archive , accessed on September 24, 2011 ( beginning of the article freely available)
  2. ↑ Entry Swiss National Bank  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. in the commercial register of the Canton of Bern, accessed on September 24, 2011.@1@ 2Template: Toter Link / be.powernet.ch  
  3. ^ Appointment of Philipp Hildebrand as Vice-Chairman of the Financial Stability Board. Media release by the SNB of November 4, 2011 (PDF file; 60 kB)
  4. ^ Statement by Philipp Hildebrand on his appointment as Vice-Chairman of the Financial Stability Board. In: Network Statement of November 4, 2011 (PDF file; 54 kB)
  5. ^ Appointment of Chairman and Vice-Chairman of the Financial Stability Board. FSB press release of November 4, 2011 (PDF file; 55 kB)
  6. ↑ Hildebrand's resignation weakens Swiss financial diplomacy. In: Tages-Anzeiger / Newsnet of January 9, 2012
  7. ^ Sda: Former National Bank President Hildebrand remains a member of the G-30. In: Neue Zürcher Zeitung from January 19, 2012
  8. ↑ Central Bank Governor of the Year 2012. In: The Banker of December 19, 2011 (registration required)
  9. ↑ a b Dr Philipp Hildebrand joins BSG. ( Memento of April 16, 2012 on WebCite ) In: Blavatnik School of Government , accessed April 16, 2012
  10. ↑ “In an extreme situation, the risks are also great” , Tages-Anzeiger online, August 21, 2010.
  11. ↑ Erik Nolmans: Philipp Hildebrand: Back in business. In: Bilanz 21/2012 from November 27, 2012
  12. ↑ The National Bank sets a minimum rate of CHF 1.20 per euro. Press release of the Swiss National Bank of September 6, 2011 (PDF file; 57 kB)
  13. ↑ SNB President Hildebrand comments on the measures taken by the National Bank. ( Memento of the original from July 16, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Video in: Schweizer Fernsehen from September 6, 2011. @1@ 2Template: Webachiv / IABot / www.srf.ch
  14. ↑ Aargauer Zeitung : This is how Christoph Blocher came across Hildebrand's account details on January 7, 2012.
  15. ↑ SNB publishes internal regulations on proprietary transactions and PWC's audit report. Press release of January 4, 2012 (PDF file; 4.5 MB)
  16. ^ Financial transactions of the Hildebrand family and events of the last few days. Media conference of the President of the Governing Board of the Swiss National Bank, Philipp Hildebrand on January 5, 2012 (PDF file; 88 kB)
  17. ↑ Hildebrand defends himself. ( Memento of the original from February 25, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Video in: 10vor10 , Swiss television from January 5, 2012 (9 minutes) @1@ 2Template: Webachiv / IABot / www.srf.ch
  18. ^ Neue Zürcher Zeitung : "I hold on to the term liar" , January 7, 2012.
  19. ↑ Viktor Dammann: "I sent Blocher Hildebrand's account documents". In: View from January 9, 2012
  20. ↑ National Bank President Philipp Hildebrand resigns from office with immediate effect. (PDF; 52 kB) Swiss National Bank, accessed on January 9, 2011 .
  21. ^ Statement by Philipp M. Hildebrand, President of the Board of Directors of the Swiss National Bank, on his resignation. January 9, 2012 (PDF file; 1.6 MB)
  22. ↑ New bank documents encumber Philipp Hildebrand. In: Neue Zürcher Zeitung of January 10, 2012
  23. ↑ Hildebrand stumbled upon this e-mail. In: 20 minutes from January 9, 2012
  24. ↑ Marcel Gyr: The winding path of a disastrous email. In: Neue Zürcher Zeitung of March 14, 2012
  25. ↑ The thinker from the second row ( Memento from January 12, 2012 in the Internet Archive ), website of the Financial Times Deutschland , January 9, 2012, accessed on January 12, 2012.
  26. ↑ Marcel Gyr: No delicate financial transactions. In: Neue Zürcher Zeitung of March 8, 2012
  27. ↑ Financial transactions by the National Bank Governing Board: KPMG submits an audit report. In: Swiss National Bank of March 7, 2012 (PDF file; 97 kB) ( archive version) ( Memento of April 16, 2012 on WebCite )
  28. ↑ Accounts of Kashya Hildebrand under the microscope. In: NZZ Online from March 15, 2012
  29. ↑ Kashya Hildebrand did not break any rules. In: NZZ Online from April 25, 2012
  30. ↑ Financial transactions Kashya Hildebrand: Review result is available. Media release of April 25, 2012 (PDF file; 8.1 MB)
  31. ^ First proceedings in connection with the Hildebrand affair completed. Media release by the Zurich Public Prosecutor's Office of October 1, 2013
  32. ↑ Hildebrand, former President of the National Bank, goes to Oxford. In: NZZ Online from March 21, 2012
  33. ↑ Hildebrand to Blackrock: The Communiqué. In: finews.ch. June 13, 2012, accessed October 3, 2019 .
  34. ↑ Hildebrand could soon advise countries in crisis. In: Tages-Anzeiger / Newsnet . June 13, 2012, accessed October 3, 2019 .
personal data
SURNAME Hildebrand, Philipp
ALTERNATIVE NAMES Hildebrand, Philipp Michael (full name)
BRIEF DESCRIPTION Swiss political scientist, President of the Board of Directors of the Swiss National Bank
DATE OF BIRTH July 19, 1963
PLACE OF BIRTH Bern , Switzerland