Philipp Hildebrand

Philipp Michael Hildebrand (born 19 July 1963) is a Swiss banker who has been a vice chairman of BlackRock since 2012.

Before joining BlackRock in 2012, Hildebrand served as Chairman of the Governing Board of the Swiss National Bank (SNB). He was the Governor of the International Monetary Fund (IMF), Director of the Bank for International Settlements (BIS) and member of the Financial Stability Board (FSB), when he was appointed as Vice Chairman in November 2011 by leaders of the G20.

Early life and education Hildebrand attended the University of Toronto, Oxford University's Lincoln College,

Prior to his resignation from the SNB, Hildebrand was a member of the board of directors of the Bank for International Settlements in Basel, as well as vice-chairman of the Financial Stability Board. From 2008, he was a member of the Group of Thirty.

Controversy around the 2009–2010 exchange rate interventions Hildebrand was attacked after losses arising from SNB's exchange rate interventions between March 2009 and June 2010. In this period, the SNB accumulated foreign currency reserves worth over 200 billion Swiss francs (Codes: CHF, SFr). As the Swiss franc has appreciated, the interventions caused losses on SNB foreign currency positions equivalent to 26.5 billion Swiss francs in 2010 and 11.7 billion Swiss francs in the first six months of 2011. The SNB has defended these interventions as they made “sense at the zero lower bound when the traditional monetary policy instrument is exhausted”. Some international press and financial market analysts considered the interventions a “costly failure”.

The Swiss People's Party and the magazine Die Weltwoche were critics of Hildebrand, demanding his resignation. Prominent figures of other parties supported Hildebrand and emphasized the political independence of the SNB. In an article titled “With Unsteady Hand”, Switzerland's major business magazine Bilanz criticized Hildebrand's leadership of SNB, citing his limited experience and saying that his actions in large parts seem to be the result of his eagerness to appeal to the public.

Pegging of the Swiss Franc to the Euro since 6 September 2011 Hildebrand is considered a driving force behind the pegging of the Swiss Franc to the Euro announced on 6 September 2011. The central bank commits to undertake transactions to cap the value of the franc against the euro at a maximum of 1.20. After initial cautious reactions by analysts, the decision of the Swiss National Bank to aim to keep the Swiss Franc: Euro rate above 1.20 is considered to have been a success.

2011 personal foreign exchange trading and resignation In August 2011, Hildebrand's wife Kashya made a CHF 60,000 ($64,400) profit on a currency transaction. At the time, Philipp Hildebrand reported the transaction to the SNB and moved to prevent future such trades with Bank Sarasin. His wife asserted her independent finance and banking experience as the basis for the "almost ridiculously cheap" trade. In January 2012, Hildebrand denied accusations of insider trading in relation to the transaction, resisted calls for his resignation and called the coverage "a smear campaign".

He said that his political foes endangered the secrecy laws and "the interests of Switzerland" with the accusations. "I made mistakes" in not canceling the trade, which profited from the SNB's decision to intervene in the currency markets two days later "but I always acted in line with the rules", he said. Kashya, who runs an art gallery in Zurich and previously traded currencies, Die Zeit in a strongly worded commentary downplayed any wrongdoing on Hildebrand's part, stressing the evidence was "stolen" and the resignation came only "to maintain credibility" of SNB.

Hildebrand announced his resignation on 9 January 2012 stating that "Credibility is a central banker's most valuable asset", and that the accusations came "during a time when total focus is needed on the duties." He also resigned his posts at the Bank for International Settlements and the International Monetary Fund. He issued a statement that included copies of E-Mails between his wife, himself, and his banker, showing that he was aware of the controversial trade shortly after the order had been given by his wife, but failed to request that it be immediately cancelled.

Hildebrand was succeeded by vice chairman and interim SNB head Thomas Jordan.

On 7 March, an independent audit by KPMG of financial transactions by all members of the governing board of the bank found no breach of regulations occurred.

Post-SNB In 2012, Hildebrand was a senior visiting fellow at Oxford University’s Blavatnik School of Government.

Hildebrand joined BlackRock in 2012 as vice chairman of BlackRock, where he oversees the BlackRock Investment Institute (BII). By February 2021, he withdrew his candidacy, citing insufficient levels of support among OECD member countries.

On May 30, 2022, he was elected President of the Zürcher Kunstgesellschaft, taking office on July 1, 2022.

Other activities Blavatnik School of Government, University of Oxford, Member of the International Advisory Board British Museum, Member of the Board of Trustees University of Toronto, Member of the International Leadership Council International Monetary Fund (IMF), Member of the Board of Governors (2010–2012)

Recognition 2011 – "Central Bank Governor of the Year 2012", awarded by The Banker

Personal life Hildebrand was a member of the Swiss national swimming team in the 1980s, and he was Swiss national champion in 1983 and 1984.

He was married to Kashya Mahmood-Hildebrand until May 2013.

Until 2022, his partner was Margarita Louis-Dreyfus, the Russian-born Swiss billionaire businesswoman, chairman of Louis Dreyfus and the former owner of Olympique de Marseille football team. She gave birth to their twins daughters Isabella and Arina on 20 March 2016.

Philipp married Kimberley Julius in April 2024.