ZURICH.- ARTBnk announces Mauro Palombo as the new CEO and Chairman of their financial arm ABFin. As an experienced business leader, Mauro, will assume responsibilities on 1 June 2022.
Mauro Palombo boasts an impressive career in the banking industry, spanning 35 years. He is a highly accomplished financial leader with an illustrious background in wealth management and credit risk management. He has spent the last 3 and a half years at EFG Group with EFG Bank Ltd, Zurich, which offers private banking and asset management services. During his tenure at EFG, he was globally responsible for credit solutions, wealth planning and strategic client management.
Mauro spent the two decades before joining EFG at Julius Baer Group Ltd, the leading Swiss wealth management group, where Mauro spent most of his time at the helm of a key function, namely as Group Chief Credit Officer. Additionally, he headed the strategic client management initiative for their top clients. As a specialist in wealth management and customer relations, Mauro will lead ABFin – ARTBnk’s finance arm – which is a new firm that will help people invest in art as well as evaluate their art collection portfolios. ABFin is an affiliate of ARTBnk, the world’s first AI-powered platform to provide instant and legitimate valuation of fine art.
It is apt to mention Mauro’s significant contribution to the Swiss Bankers Association, supporting the Steering Committee Private Banking. He was responsible for the creation of the Private Banking roadmap for the Swiss financial center and implemented the same. Mauro started his career with Credit Suisse. During his 11 years at one of the world's largest financial services providers, Mauro became a credit risk management expert and that has been ingrained in his DNA. His latter Senior Management roles have also brought him very valuable experience in global private banking and wealth management. It is this that has brought him to ABFin, as under his guidance they will help art patrons finance their investments and support them in the lending or leasing process as well as in exploiting fractionalization opportunities.
His credit risk and wealth management expertise and over 2 decades in an ultra-high net worth world make him a valuable addition to ARTBnk and ABFin. As CEO and Chairman of ABFin, he will have the chance to use his experience and expertise to help transform the art finance industry that is brimming with investment opportunities.
“We are fortunate to have someone of Mauro Palombo’s caliber and experience step up to lead ABFin,” said Asher Edelman, Executive Chairman of ARTBnk. “His accomplishments and experience in the finance and wealth management industries are unrivaled and we are excited to have him join our team at an integral time for our company. The unprecedented development of the art market has made art a new alternative financial asset class with a myriad of opportunities to explore. Investments in art provide stability in a volatile market, and with Mauro on board, we are certain to bank on the financial value of art as well as the emotional worth it holds. The sentimental aspects make people want the best financial advisors for their growing art collections and that is who we hope to be under Mauro’s transformational leadership. He has decades of experience with our clientele and an exceptional track record of effectively capitalizing on the opportunities in the market we serve”.
With the financialization of the $1.742 trillion art industry, and investments in blue chip artwork outperforming traditional asset classes, the dynamic of art investment is changing. Art is a remarkable inflation-proof asset with little correlation e.g. to equities and other tradeable assets. High demand and global scarcity of luxury art pieces have driven the art market towards steady price appreciation. ABFin’s target market for art investments is the same clientele that Mauro has catered to in his distinguished career.
As Chairman and CEO of ABFin, Mauro will leverage his extensive finance background to drive the strategic direction and operations of the company. ABFin looks to consolidate finance and art, and make it affordable for people to invest in celebrated artworks through art fractionalization. With fractional investing, ABFin will make it easier for people to partially own celebrated artworks like a Picasso or a Monet. People with shared ownership will benefit from the increase in the item’s price just like an art collector does.
“I am very thrilled to be joining the ARTBnk and ABFin team,” said Mauro Palombo. “I believe the company has a great business model and an incredibly talented management as well as board members and shareholders with impressive art, finance and technology expertise. This uniquely positions them to take advantage of the changing art finance industry. With my background in wealth and credit risk management, I look forward to expanding prospects and creating value for ARTBnk and ABFin clients. Together we are committed to delivering an exceptional customer experience”.
ABfin is the finance arm of ARTBnk Ltd. The team of advisors and art finance experts are committed to supporting clients at every level of art investments. The two major services offered are Art Finance, which includes art lending and leasing, and the second is Art Fractionalization. It offers art advisory as one of its asset diversification services. ABFin intends to provide unrivaled services across the art ecosystem with strategic insight and transparent advice. Bespoke financing solutions are available for first acquisitions and for those building collections. We are dedicated to serving the needs of the global art market.
