The Architects of Wealth


Banque Heritage

The Architects of Wealth



Banque Heritage is a family-controlled financial group with its headquarters in Geneva, Switzerland and overseeing CHF 5 billion of assets. It focuses on Private Banking and Asset Management activities (UHNWI, Families, and Institutions), and its strategy is based on acquiring new clients in Switzerland and across Growth / Emerging markets.

Banque Heritage traces its roots to the 160-year history of the merchant business of the Esteve family which operates today as ECOM Agroindustrial Corp., a global commodity trading and processing company that plays a top-tier role in commodities such as coffee, cotton and cocoa. Despite its international scope and market leadership, the company remains proudly family-held by the Esteve family.

Furthermore, it should be noted that ECOM’s engagement with Switzerland has a longstanding history. In 1967, a sales and treasury center for the European branch of ECOM Agroindustrial Corp. was established in Lausanne; this eventually became the holding company of the agribusiness group. This fact clearly strengthened the family’s ties with and commitment to Switzerland, paving the way for the vision that Carlos Esteve had as an undergraduate and which will take shape a couple of decades later.

Heritage was established in Lausanne in 1986 as a family office under the name of Heritage Finance & Trust. Six years later, in 1992, the headquarters were transferred to Geneva. In 2004 the Swiss Federal Banking Commission, currently known as FINMA, granted Heritage the Swiss Federal Banking License. The license allowed it to develop its commercial perspectives after having operated as a non-bank financial institution since 2000.

As part of the Bank’s international growth strategy, the Group acquired a 60% stake in Banco Surinvest, a Uruguayan Bank formed in 1981 by several large financial institutions such as IFC, Rabobank, and HSBC. This shareholding was later increased to 100%. The Group’s confidence in its subsidiary, Banque Heritage (Uruguay) S.A., has been reinforced in 2013 with the acquisition of the retail, commercial and corporate banking operations from Lloyds TSB Bank plc. in Montevideo.


Our Distinctions

"We offer a harmonized range of banking activities to a new generation of clients for whom we aim to combine the wisdom of experience with the highest order of day-to-day financial intelligence."

Carlos Esteve - CEO


Our Distinctions

"We offer a harmonized range of banking activities to a new generation of clients for whom we aim to combine the wisdom of experience with the highest order of day-to-day financial intelligence."

Carlos Esteve - CEO


Family Values

Banque Heritage grew out of the trust inherent in strong family relationships. Wherever practical we avoid making a division between relationship and investment management. Our clients value being close to the person who helps to tailor-make their portfolios and then directly oversees their performance. We combine the traditional virtues of consistent and highly customised service with the widest opportunities for enhancing portfolio performance.


Diversity of Products

We take great care to recognise the distinctive priorities held by each of our clients, and build with them a portfolio that maps to their specific requirements, always avoiding the application of generic solutions. We understand too that life circumstances and market conditions change, and that our approach must have the capacity to adapt successfully to events that are both anticipated and unexpected. 


Open Architecture

Just as any growing bank, we have our own products and funds, which in our judgement can provide valuable components in any of our client portfolios. However, we are committed to the principle of an open but focused architecture platform, meaning that we buy only the most appropriate and best performing assets for our clients – irrespective of their provenance. 


market Information

We develop our own macro-economic and currency allocation models, using research we buy from specialist, independent research organisations. By deriving our market and economic source data from companies that have no brokerage models of their own, we avoid any possibility of working with potentially conflicted information.


Asset Allocation

The ethos of the private bank overlaps with our reading of modern portfolio theory, where steady performance and low volatility best serve both markets and investors alike. Through a strategy committee drawn from a small number of key investment professionals in the firm, debate based on a set of in-house indicators and criteria results in an assessment of the characteristics of the market environment and the relative attractiveness of each asset and sub-asset class. 


Absolute Return

Free from reporting performance relative to benchmarks established by aggregations of more limited portfolio ranges, we have been able to cross-fertilise the measurement criteria of alternative investments into our understanding of the performance of traditional equity and bond investments. This unified measurement of all our efforts enables us to allocate assets on behalf of our clients free from the constraints of any particular asset class. As a result of this we enjoy a sustained advantage to deliver consistent positive returns.


Human Capital

Successful private banking is about the establishment and maintenance of successful relationships. In selecting individuals to work at Banque Heritage we demand not only deep competence in a particular field of expertise, but also a general intellectual and cultural fit with the way we operate. The result is an eclectic mix of working styles that we have demonstrated to provide remarkable levels of innovative synergies at the same time as a common cultural commitment to excellence in service and performance. 



Growth inevitably changes the dynamics of any organisation. While we accept that a private bank with a commercial appetite will never retain the closeness of a tied family office, we relish the challenges of success – how to retain the integrity of our philosophy and how to capture the benefits of scale without compromising the intimacy of our relationships. Our solution addresses these issues directly, to ensure that we continue to operate a culture that remains both uniquely attractive to talented employees and absolutely dedicated to performance on behalf of our clients.


SHared interests

In simple terms, we invest our own money alongside that of our clients. We could never tell our clients one thing and do another; but equally nor could we offer advice and not act on it ourselves. We are constitutionally bound to share the investment experiences of our clients. The only way to demonstrate the confidence we have in our methods, from the hard-headed intellectual rigor of our investment modelling to the instinctive responsiveness of our client relationships, is to put our own money into the same assets we recommend to everyone that entrusts us with the management of their wealth.





executive board

carlos esteve


At the vanguard of a generation who undertook business training at university level prior to entering the financial world, Carlos Esteve gained his degree in Hautes Etudes Commerciales from the University of Lausanne. 

Although he developed the initial idea for Banque Heritage as an undergraduate, he worked for ten years – first with Arthur Andersen in audit and consulting, then with Morgan Grenfell in private banking – before he gave shape to his vision in 1986.

Since establishing the firm as a small family office, Carlos has guided its growth with a steadfast combination of business acumen and the building of personal relationships.



Marcos Esteve joined the Bank in 2006 and is Global Head of Private Banking.

His prior assignment was Chief Financial Officer & Chief Operating Officer of the Bank. Previously, he was Chief Financial Officer at Elite Model Management, responsible for the financial management of the group and he also sat on the Board of Directors. At Elite, he developed the main IS applications for the group and prepared its business plan for potential investors who were interested in acquiring it, including overseeing the liquidation process of several overseas legal entities. During this time, he was appointed as a board member and a member of the Executive Audit and IT committees at Banque Heritage.

Marcos spent his early career at Nestlé in Switzerland in corporate internal audit.



François Oesch joined the bank in 2005.

During the 27 years of his banking career, he has held different managing positions in the investment banking and FX trading areas, both in London for Barclays Bank and in Geneva for Swiss Bank Corporation. In the mid 1990's, François founded a financial company active in asset and liability management as well as in currency overlay. He then joined the Private Banking sector as Head of Capital Markets for Credit Lyonnais Suisse S.A. with a strong emphasis on HNWI servicing. Prior to being appointed Chief Investment Officer, François served assignments in the Trading Room as Senior Foreign Exchange Trader and in the Asset Management Department as Senior Portfolio Manager.

François graduated from the High Commercial School in Lausanne.



Mr. Zumstein, an accomplished business lawyer and expert in banking and financial law, has more than 25 years of experience and know-how in the legal arena, both in the banking industry as well as a lawyer.

Most recently, he acted as Senior Legal Counsel for Bonnant Warluzel & Associés. Previously, during almost 10 years, he was General Counsel of Société Générale Private Banking (Suisse) SA and Member of its Executive Committee. Prior to that he has held senior assignments at different financial institutions in Geneva.

Mr. Zumstein holds a Master’s Degree in Law from the University of Geneva and is a member of the Geneva bar.



Nicolas Vetch joined the bank in 2015. He brings along more than 20 years of experience in the financial and accounting field. After graduating from HEC Lausanne, he initially started his career with KPMG in the audit field before acquiring, over several years, various experiences as Finance and Administration Director in different industries.

He joins us from Banque Privée Espirito Santo where he spent the last 14 years as CFO.

Board of directors


Chairman - Economist, Herrliberg (ZH)


Deputy Chairman - Attorney at law, Geneva (GE)


Deputy Chairman - Economist, Monaco


Economist, Paudex (VD)


Industrialist, Saint-Prex (VD)


Former President of the Government of the "République et canton de Genève", Attorney at Law, Geneva (GE)


Independent consultant, Grandvaux (VD)

  • * Board members marked with an asterisk comply with independence norms pursuant to FINMA 08/24 - Supervision and internal control
  • 1 Members of the Audit Committee (Chairman: O. Vodoz)
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