Surprise switch as chief of Swiss bank Julius Baer resigns to join rival Pictet
Boris Collardi unexpectedly resigned as chief executive of Julius Baer to become a partner at rival Pictet Group, triggering the search for a longterm successor. He will be replaced for now by deputy chief Bernhard Hodler.
Mr Collardi will join closely held Pictet as co-head of its global wealth management group as of mid-2018, the Zurich bank and Pictet said in separate statements yesterday.
Julius Baer said the board would start “an evaluation process for the long-term leadership of the group”.
The shares dropped as much as 5 per cent in early Zurich trading.
Under Mr Collardi, the bank has more than doubled its assets under management from 150 billion francs (Dh562.02bn) to 393bn francs, in part through acquisitions and the recruitment of relationship managers. The Swiss bank has also focused on adding roles in Asia, and the CEO said in September that he expects the region to account for about a third of its business in the next five years. A 6 per cent increase in net new money gave the bank what Mr Collardi said was its “best half-year ever”.
“No other CEO from a wealth management bank has sold the business case as well as him,” said Andreas Brun, an analyst at Mirabaud Securities in Zurich.
“He’s the best salesman a bank could wish for.”
Mr Collardi was 34 when he became CEO of Switzerland’s third-largest publicly-traded wealth manager. He vaulted to the top on the back of two stints in Singapore and promotions at Credit Suisse.
He used his experience of living and working in Asia to advance the transformation of Julius Baer from a bank focused on western Europe to a
network of businesses spanning Europe, Asia, the Middle East and Latin America.
Since 2012, the bank acquired the international operations of Bank of America Merrill Lynch and the European operations of other emerging market banks. It also bought the Luxembourg arm of Commerzbank and expanded its majority stake in Milan asset manager Kairos Investment Management.
While he made no secret of his desire to further expand holdings, the bank has been retaining capital to comply with tougher post-crisis rules, limiting funding available for purchases.
Pictet said Mr Collardi will join its board of partners and will run the Geneva company’s global wealth management business alongside Remy Best.
Mr Collardi is rare example of an outsider joining the senior ranks at Pictet, which reported 462 billion francs in assets under management at the end of 2016.
Mr Hodler, who is also the bank’s chief risk officer, has been a member of Julius Baer’s executive team since 1998, according to the statement.
“Over the last 10 years we have been growing substantially – that puts us in a good position going forward,” Mr Hodler said.
No other CEO from a wealth management bank has sold the business case as well as him ... the best salesman a bank could wish for ANDREAS BRUN Analyst, Mirabaud Securities