Business Standard

Julius Baer CEO Collardi quits to take Pictet job

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Julius Baer said CEO Boris Collardi unexpected­ly resigned at the weekend to take a new role at rival Pictet Group, and appointed its top risk officer to replace him “for the foreseeabl­e future”. Collardi had been CEO at the Swiss private bank since 2009 and Chief Risk Officer Bernhard Hodler will take on the job while the bank evaluates long-term leadership of the group, Julius Baer said in a statement. Shares in Baer, the biggest listed Swiss private bank, opened down 4.2 per cent. Collardi will join Genevabase­d Pictet as a partner and his role will include helping oversee its global wealth management business. With 494 billion Swiss francs ($504 bn) under management, Pictet is about 25 per cent bigger than Baer.

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