It is a growth strategy that many of Julius Baer’s peers have been unable to keep up with. The firm has 6,000 employees worldwide, of which around 1,400 are relationship managers. Before 2012, 75% of employees were based in Switzerland, now it is 54%. “Competitors were struggling and we wanted to seize the opportunity,” says Collardi. Last year, while other private banks were trimming headcount, Julius Baer increased its own by 166 bankers. Julius Baer is known to be one of the most aggressive hirers in the industry Collardi has developed a reputation lately of impromptu senior hires, poaching wherever possible in order to bump up AuM. And it is not just banks that Collardi has been buying. When other banks are in a wait-and-see mode, he sees it as a time to buy. It is expected that within five years, Switzerland may represent just 40% of all Baer’s assets, with Europe and Asia representing another 40%.Ĭollardi – perhaps thanks to his youth – is not known for following his peers. He has since more than doubled those assets under management to SFr336 billion, making it the third-largest Swiss private bank. European expansion followed with the acquisition of Bank Leumi’s Swiss and Luxembourg businesses in 2014, and then last year Julius Baer added Commerzbank’s Luxembourg business and a majority stake in Italian asset manager Kairos.Īt the end of 2009, when Collardi became CEO, the bank had SFr150 billion ($150 billion) in private banking assets, of which 80% were booked in Switzerland. That deal set a trajectory that would turn, in his words, a “medium Swiss bank” into a fully fledged international private bank – and an aggressive one at that. From 2012, Collardi changed up a gear by boldly buying Merrill Lynch’s international wealth management business for a song. Collardi has not stopped since taking on the role at just 35 years of age in 2009 in the middle of the global financial crisis. One cannot help wondering if he is talking about himself. If not, inertia sets in, and it is far harder to kick start a business once that happens, he adds. “You need momentum at all times – whether you’re at 80% expansion or just 20% expansion, you have to always be in investment mode somewhere.” Gallen in the fall.Boris Collardi, chief executive of Julius Baer, is against stop-and-go strategies. Moritz."īank Julius Baer established a securities investment firm (SIM) for private clients in Milan on 4 June 2008 and announced on 9 June 2008 that it will open a branch in St. "Heinz Inhelder, Adriano Trivella, Marco Kleger and Fredy della Torre will make a significant contribution towards firmly establishing Bank Julius Baer's presence in St. "We are delighted that we have been able to hire a highly experienced team with an outstanding track record and extensive knowledge of the region for this key location," commented Gian Rossi. Together with the relationship managers Adriano Trivella, Marco Kleger and Fredy della Torre, he will be responsible for developing specially tailored wealth management solutions in the region. He was also responsible for the canton Grisons in his role as Head of Private Banking International. Moritz branch of UBS, which he managed for several years. The branch manager, Heinz Inhelder, has around 30 years of experience in the field of private banking - most recently as the head of the St. It also offers considerable potential as a private banking location and we are delighted that we will be able to offer our services to clients in St. Moritz has been a preferred destination of sophisticated visitors from throughout the world since the 19th century. Gian Rossi, CEO German-speaking Switzerland/Europe, UK and Scandinavia at Bank Julius Baer, stated: "With its unique Engadine charm, outstanding range of sporting and cultural attractions and breathtaking scenery, St. Moritz on 1 December 2008 will provide the bank with a presence in one of the world's most renowned and exclusive holiday destinations. The opening of a branch in Via Serlas 23 in St. The branch will be managed by Heinz Inhelder.īank Julius Baer is strengthening its activities in its Swiss home market. This move is aimed at providing clients with direct local access to the bank's comprehensive range of wealth management services and at strengthening Julius Baer's position in its important Swiss home market. Julius Baer, Switzerland's leading dedicated wealth manager, is to open a branch in St. Wednesday, JBank Julius Baer to open branch in St.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |