UAE - Mubasher: The Abu Dhabi Global Market (ADGM), the International Financial Centre of Abu Dhabi, announced on Monday that Thomas Hirschi has resigned as the executive director of banking and insurance of ADGM’s Financial Services Regulatory Authority (FSRA).

Hirschi will leave the FSRA in the fourth quarter of 2019 to join the Swiss Financial Market Supervisory Authority (FINMA) as the new head of the Asset Management Division and member of the executive board as of 1 January 2020, according to a press release.

Richard Teng, CEO of the FSRA, said: “As a core member of the FSRA management team, Thomas was instrumental in the formulation of framework, policies and processes governing licensing and supervision of banks and insurance intermediaries.”

“While his departure is a loss to the team, we are glad that he has been presented with the opportunity to shape the asset management landscape in Switzerland as an Executive Board member of FINMA. We wish him all the best in his future endeavours and look forward to the continued collaboration with FINMA,” Teng added.

It is worth noting that Hirschi had joined the FSRA in October 2015 and was responsible for the authorisation and supervision of banks and insurance firms in ADGM.