Mirabaud Adds Banking Veteran to European Board Amid Growth Push

Luxembourg platform appoints Carlo Thill as governance reinforcement continues across wealth manager’s continental operations

Carlo Thill has joined the board of directors at Mirabaud & Cie (Europe) SA, bringing four decades of Luxembourg financial sector experience to the Swiss banking group’s European governance structure. The appointment, effective March 19, forms part of Mirabaud’s efforts to strengthen oversight as the firm expands continental wealth management operations.

Thill held numerous administrative and management positions at major financial institutions including BGL BNP Paribas throughout his career. His expertise spans strategy development, risk management and financial planning—capabilities the bank considers relevant as it pursues growth across multiple European markets.

“We are delighted to welcome Carlo Thill to our board of directors,” said Nicolas Mirabaud, managing partner and chairman of the board. “His exemplary track record and vision will be key assets in supporting the growth and ambitions of Mirabaud & Cie (Europe) SA in the years to come.”

The Luxembourg-based entity serves as parent company for Mirabaud branches in France, Spain and the United Kingdom. Since establishing the European platform in 2014, the bank has maintained a centralized booking center in the Grand Duchy while supporting clients through locally staffed offices in Paris, London, Madrid, Barcelona and Valencia.

Thill expressed appreciation for the opportunity. “I am honored to join the board of directors of Mirabaud & Cie (Europe) SA, and I would like to thank the group’s managing partners for their trust,” he said. “Together, we will work to continue the bank’s development and consolidate its position in the Luxembourg market.”

Board composition reflects deliberate choices about expertise mix and oversight capacity. The five-member board now includes Nicolas Mirabaud as chairman alongside Patrick Hauri, Sarah Khabirpour, Julien Meylan and Thill.

Governance appointments often signal institutional priorities. Mirabaud’s board expansion comes as the firm navigates regulatory complexity, technological transformation and competitive pressure across European wealth management markets.

Luxembourg regulations require appropriate governance structures scaled to institutional size and risk profile. For banks operating cross-border through branch networks, board oversight encompasses regulatory compliance, risk management and performance monitoring across multiple jurisdictions.

Thill’s banking career spans periods of dramatic industry transformation. Luxembourg evolved from a domestic banking center into an international financial hub hosting custody operations, fund administration and cross-border private banking for clients throughout Europe and beyond.

The appointment follows other recent leadership moves. Émilie Serrurier-Hoël joined as CEO of the European entity in June, assuming responsibility for operational management and business development. Ricardo Castillo took over as head of investments for the wealth management division in July.

Leadership transitions at family-owned institutions require careful succession planning to preserve culture while introducing fresh perspectives. Mirabaud has maintained family ownership across seven generations since its 1819 founding, with four managing partners currently overseeing operations, strategy and management.

Board members typically serve multi-year terms, providing continuity amid executive turnover and market volatility. Independent directors bring external perspective unconstrained by day-to-day operational pressures—often challenging management assumptions and questioning strategic choices.

For wealth managers, governance extends beyond regulatory compliance to encompass investment decision oversight, client suitability assessments and reputation risk management. Board involvement in these areas varies based on institutional culture and regulatory requirements.

Thill’s risk management background proves particularly relevant given current market conditions. Wealth managers face interest rate uncertainty, geopolitical tensions and potential recession scenarios requiring robust risk frameworks and stress testing capabilities.

The European platform employs approximately 120 people across six countries. Staff levels reflect Mirabaud’s positioning as a mid-sized institution emphasizing personalized service over mass-market distribution—what executives describe as “small enough to care, big enough to matter.”

Luxembourg’s position as a European financial center provides advantages for cross-border wealth management. Passport rights enable banks licensed in the Grand Duchy to operate branches throughout the European Union without separate authorization in each member state.

However, the model also creates complexity. Branches must comply with home country regulations while respecting host country rules governing client interactions, marketing and business conduct. Board oversight helps ensure coordination and compliance across the network.

Mirabaud & Cie (Europe) SA operates within the broader Mirabaud Group structure employing roughly 700 people globally. The group maintains offices across 10 countries spanning Switzerland, Europe, Latin America and the Middle East.

Thill’s appointment illustrates how smaller wealth managers compete for governance talent against larger rivals offering higher compensation and greater name recognition. Success depends on value proposition emphasizing entrepreneurial culture, decision-making autonomy and meaningful impact.

The bank has invested heavily in technological infrastructure to support future growth. Recent systems upgrades aimed to improve operational efficiency, enhance client service capabilities and provide scalability for expanding business volumes.

Nicolas Mirabaud emphasized the appointment’s connection to broader ambitions. “This appointment illustrates Mirabaud Group’s ambition to continue positioning itself as a leading private bank in Luxembourg and in Europe, drawing on top talent and enhanced governance aligned with best practices in the banking industry.”

Whether governance reinforcement translates into measurable performance improvement remains to be seen. Yet for institutions pursuing growth in competitive markets, board composition sends signals to regulators, clients and employees about commitment to professional standards and institutional development.