Julius Baer said it is losing Chief Executive Boris Collardi. The 43-year-old private banker is heading to a smaller Geneva rival.
The Swiss private bank has been defined by him for the last eight years, now CEO Boris Collardi is moving on. Collardi will become a partner at family-controlled Pictet in Geneva, the two firms said on Monday.
The move equals an earthquake in the secretive world of private banking, and ends questions which have long lingered over the future plans of the just 43-year-old ex-Credit Suisse banker.
Search is On
Collardi will become a seventh partner at Pictet, alongside Nicolas Pictet, Renaud de Planta, Rémy Best, Marc Pictet, Bertrand Demole and Laurent Ramsey. He will co-run the bank's wealth management practice with Best, according to a statement from Pictet.
At Julius Baer, risk chief and Collardi's deputy Bernhard Hodler will stand in as temporary CEO until a permanent replacement has been found.
More to follow
