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Like many Julius Baer bankers, Lee is a Credit Suisse alumnus who goes way back with Collardi: the two men met in 1999 at the Swiss giant. Lee's comments lend credence to expectations that Pictet, which has managed only feeble growth in Asia, plans to kickstart growth in the region under the energetic Collardi.

«I wish him well because he will join a very venerable firm that is more than 200 years old. We have a lot of respect, but its going to be fair competition for the client’s business.» Last year, Julius Baer hired more than double the private bankers than those employed by Pictet in the region, which is roughly just 40.

Bank Stronger Than CEO

Lee's respect and admiration for Collardi was repeated several times in his remarks, but he made clear that Julius Baer would defend its Asia business, where it drew in record net new money this year.

The Singapore-born Lee, who joined Julius Baer less than two years ago, cited the bank's product offering, expertise in related areas like wealth and trust planning, and balance sheet as key advantages.

«In the long run I believe that yes, Boris will always be that person linked to this growth in Julius Baer, but I think the organization is bigger and stronger than one man,» Lee said.

Specifically, he cited the bank's strong Asian management as well as a deal team including finance chief Dieter Enkelmann and development and strategy boss Matthew Alexander, who were instrumental in 2012's mega-merger with Merrill Lynch's private bank outside the U.S.

«Decent Amounts of Wealth»

Julius Baer's growth in recent years has been fuelled by sublime rates in Asia, a trend Lee expects to continue. «If you talk about Asia, the way growth here is going, more banks can still come in, I still think there is more wealth to be spread around in decent amounts.» He voiced confidence that Julius Baer can grow faster than the natural rate of attrition –  as well as any damage wrought by Collardi.

«Competition will be there. We love competition, it keeps us one our toes. And clients love competition too, they say 'OK, I want to make sure you are being honest with me, if not I will move to Pictet,' things like that,» Lee said.

This article was written as part of a two-day press trip to Hong Kong for several Swiss-based media outlets including finews.asia. Julius Baer paid for finews.asia's travel and accommodation expenses during the trip, which included a day of management meetings and a visit to Hong Kong's Formula E Prix, which the bank sponsors. finews.asia made no editorial guarantees to Julius Baer.