Adler & Co Privatbank, a Zurich-based private bank owned by Luzerner Kantonalbank, has appointed Urs Kaufmann as its new chief executive and head of the executive board, according to a statement from the bank.

He replaces Peter Haber, who is apparently leaving the bank to become an independent manager, the statement said. The bank's chief operating officer, Urs Uttinger, is also leaving.