Jacques Heyer, one of Geneva’s best known money managers in the 1990s, faces a prison sentence when he goes before the city’s magistrate’s c...

Jacques Heyer, one of Geneva’s best known money managers in the 1990s, faces a prison sentence when he goes before the city’s magistrate’s court next month, according to sources close to the case and reports in the Geneva newspaper Le Temps.

Mr Heyer has been accused of mismanaging client assets during the 1990s when he managed the money of some very rich individuals, including well-known sports and media celebrities.

WealthBriefing has learnt that Mr Heyer was close to IMG-McCormack, the sport management firm, in the 1990s and managed the money of sportsmen like French skiing legend Jean-Claude Killy and tennis star Henri Leconte. He also managed some of the money of singer Petula Clark and her husband; Ms Clark is believed to be one of five individuals bringing the complaints to the court, although WB was unable to confirm this.

The Geneva financier also had links with the former French politician Didier Schuller, who returned to France in 2003 after several years on the run from the French authorities. Mr Schuller is being investigated for corruption charges during his time as a senior politician.

“Mr Heyer used to entertain a whole host of rich individuals in his huge villa in St Tropez — and I’m sure this is where he obtained the majority of his clients,” a source in Geneva close to the investigation told WB.

In the mid-1990s, Mr Heyer managed more than SFr200 million ($157.5 million) of the assets of around 20 clients. Most of these clients’ names are expected to remain anonymous for tax and publicity reasons, according to the source. Even the magistrate dealing with the case is unlikely to know the names of the majority of the clients as these are shrouded by offshore company structures, according to Le Temps.

Mr Heyer worked for a number of financial firms in the 1980s and 90s including Banque Populaire Suisse, which later merged with Credit Suisse, and Geneva-based Banque Financiere de la Cite. At BFC, Mr Heyer worked as a director until 1997; the bank was later sold to Malaysian interests and was subsequently closed.

According to the source, Mr Heyer — who still lives in his villa in St Tropez — continues to work as a money manager. “I was told Mr Heyer is still in the money management business, and his clients tend to be in sports world. But that only is hearsay, Mr Heyer himself says he won't comment until the beginning of the trial.’’

The trial is expected to begin in early September.