Replacing long-standing Julius Baer boss Boris Collardi is somewhat of a poisoned chalice. Bernhard Hodler is nevertheless doing so. Why and, more importantly, for how long? finews.asia reports.
On Wednesday, investors will have their first look at Bernhard Hodler when the new Julius Baer Chief Executive presents the Swiss bank's full-year results. He can hardly set a foot wrong – he has only been in the CEO seat for two months, and 2017's results represent the work of his predecessor: dynamic ex-figurehead Boris Collardi.
Even if favorable financial markets and a pick-up in client activity will have buoyed the bank's results, huge expectations now rest on Hodler's shoulders. That is because the sudden exit of Collardi (pictured below), largely the architect of its expansion push, marks a new era for the bank.
Hodler has to find the middle ground between the restless Collardi and his rapacious appetite for acquisitions without falling victim to complacency: clients, advisors and investors don't want too much change from the successor, but Hodler nevertheless needs to find a way to leave his mark without disrupting the whole bank.
Retirement vs Promotion
No easy feat: Hodler isn't a borderline millennial like the 43-year-old Collardi; at 58, he was mulling retirement plans when he was unexpected vaulted into the top spot in November, according to Swiss daily «Aargauer Zeitung»(in German). Born in a lakeside town which saddles the German- and French-speaking Swiss divide, Hodler has worked for banks his entire career after studying business.
Like many in Switzerland, he got his start at UBS, later working for Credit Suisse's First Boston investment bank in London and Tokyo. Hodler didn't actually move into private banking until 17 years ago, when he joined the then-much smaller Julius Baer in a top management risk role.
Unlike many investment bankers, Hodler fits the private banking stereotype perfectly: true to the Swiss cliche and unlike his live-wire predecessor, he is always punctual for meetings. He loves classical music, making regular trips to Lucerne's prestigious concert hall from his home in Cham, near Zug. The father of three adult children is also a sports freak, particularly cycling and skiing.
Discreet Backgrounder
Punctuality, cultural affinity, and endurance are excellent traits to lead Julius Baer. But Hodler's habit of discreetly disappearing into the background raised questions shortly over his appointment: mainly, that he was merely a stop-gap safe pair of hands to shepherd the bank until Julius Baer found a «real» CEO.
The exit of Juerg Zeltner at UBS shortly after Collardi ignited speculation that the far more well-known private banker would be positioned to take over at Julius Baer eventually, as finews.asia reported. Unobtrusive and always relaxed, Holder has privately insisted to associates that he is at Julius Baer to stay, despite his age and completely unexpected move into the top spot.
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