Banking Group Operates With Equity Partners Holding Senior Management Roles
A family-owned banking institution employs an equity partner structure alongside its managing partners, creating a governance model combining ownership interests with operational leadership.
Mirabaud’s equity partners hold stakes in the organization while occupying senior management positions across different business lines and geographies. This structure complements the four managing partners from the founding family who oversee overall strategy.
The model aims to align financial interests between ownership and execution. Equity partners invest capital in the institution while leading specific operations, theoretically ensuring their decisions reflect both strategic direction and personal financial exposure.
Thiago Frazao serves as equity partner and chairman of the Middle Eastern subsidiary. His dual role combines ownership participation with direct oversight of the Dubai operation and regional strategy.
“We are delighted to welcome Georges Khoueiri as CEO of Mirabaud Middle East,” Frazao said regarding the recent leadership appointment. “His background, that goes beyond traditional wealth management, and his entrepreneurial vision reflect exactly the kind of bold thinking we need.”
Ownership Structure Balances Family Control and Professional Management
The founding family maintains ultimate control through the four managing partners: Camille Vial, Yves Mirabaud, Nicolas Mirabaud, and Lionel Aeschlimann. They remain involved in daily operations while setting strategic direction.
Equity partners participate in specific decisions affecting their business lines while coordinating with managing partners on broader institutional matters. This structure attempts to combine professional management expertise with family ownership continuity.
The banking group operates across 10 countries with approximately 700 employees. Equity partners help coordinate operations across this geographic distribution while maintaining alignment with overall strategy.
The model differs from publicly traded banks where shareholders exercise influence through board elections and voting rights. It also contrasts with pure family operations lacking external capital or management participation.
Regional Leaders Gain Ownership Stakes
Equity partners typically lead regional operations or specific business divisions. Their ownership stakes provide financial incentive to build sustainable operations rather than pursuing short-term performance.
The structure aims to attract senior executives who value ownership participation alongside compensation. Equity partners share in the institution’s financial success, theoretically encouraging decisions supporting long-term growth.
However, the model requires careful governance to prevent conflicts between family owners and equity partners. Clear authority lines and decision-making processes become essential as the organization grows across multiple geographies.
The European subsidiary operates under this structure, with Nicolas Mirabaud serving as board chairman while Émilie Serrurier-Hoël handles day-to-day management as chief executive officer.
Equity partners contribute not just capital but also expertise in specific markets or business areas. Their involvement provides depth beyond what the founding family could supply across all operational dimensions.
Governance Complexity Increases With Scale
As the institution expands internationally, the equity partner structure must adapt to different regulatory environments and market conditions. Partners leading regional operations need sufficient autonomy while maintaining institutional consistency.
Communication becomes crucial as decision-making involves both managing partners in Geneva and equity partners distributed across geographies. The bank must coordinate strategy, risk management, and capital allocation across this distributed leadership structure.
The model represents an attempt to professionalize family ownership while preserving founding family control. Whether this balance proves sustainable depends on execution and alignment between family members and equity partners over time.