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Abu Dhabi, UAEThursday 13 December 2018

Switzerland's third-largest publicly traded private bank loses CEO to Pictet

Julius Baer's Boris Collardi to be replaced by the lender's chief risk officer

Boris Collardi, the chief executive of Julius Baer, leaves the private bank to join rival Pictet. Sammy Dallal / The National
Boris Collardi, the chief executive of Julius Baer, leaves the private bank to join rival Pictet. Sammy Dallal / The National

Swiss private bank Julius Baer said on Monday that Chief Executive Boris Collardi was resigning with immediate effect to take a post at Pictet Group in Geneva.

Zurich-based Baer appointed current Chief Risk Officer Bernhard Hodler as CEO, adding it would engage in an evaluation process to address the long-term leadership of the group.

Collardi, whose role as a Pictet partner will include helping oversee its global wealth management business, is leaving Baer just after the biggest-listed Swiss private bank posted record assets under management of 393 million Swiss francs ($401.10 million) earlier this month.

“Julius Baer is in excellent shape,” Chairman Daniel Sauter said in a statement.

Hodler’s “appointment ensures continuity in our successful strategy and the delivery of our growth targets,” Sauter added.

Hodler, who was named Collardi’s deputy in September 2017, has been a member of Julius Baer’s senior executive team since 1998 and has held positions including chief operating officer.

Hodler said he did not expect major changes in the bank’s strategy.

“I stand for continuity,” he said on a call with reporters.