Julius Baer saw the pace of its asset-gathering slow to the weakest in three years and its long-time CEO defected to a Swiss rival. finews.asia asks Jimmy Lee, the Swiss bank's Asia head, what’s next.
By Shruti Advani, Guest Contributor finews.asia
The past year has been decidedly mixed for Julius Baer: it lost high-flying CEO Boris Collardi to rival Pictet nearly nine months ago, and it also ratcheted up $403 billion in assets so far this year, albeit growing at the weakest pace in three years. But the Swiss-based bank’s top people in its various regions may be better off now than they were during Collardi’s reign, Jimmy Lee (pictured above) told finews.asia in an interview.
«Julius Baer has now empowered management teams to function like CEOs with very empowered regional heads,» Lee, head of Asia and a member of the bank’s top management, said. «Provided you have the right talent, this is a more sustainable model over the long run.»
High on Job Wish Lists
The 56-year-old Singaporean banker, known for being «dependable and likable» was widely viewed as vulnerable to raids of talented bankers by his former boss-cum-friend, Collardi (the two have known each other since the 1990s).
«Everyone is vulnerable but I always assume people are smart enough to make their own choices,» he says with resolute optimism. His tone is justified, according to a headhunter who is not mandated to work with the bank: «There is no doubt that headcount is net positive at Julius Baer, the bank is high on most candidates’ wish list.»
Relaxed and Joking
Collardi’s departure hit Julius Baer just as Lee was preparing to welcome dozens of VIP clients and potential ones to the Formula E in Hong Kong Kong, which the bank sponsors. In between taking client calls, he entertained his team and hosted a group of Swiss-based journalists.
«Jimmy didn’t behave as if anything had changed the first time he came to Hong Kong after Boris’ departure», says one Hong Kong-based employee at the bank. «He took the team for a night out, he was relaxed and joking.»
Temporary Respite?
His optimism may well be justified: The key bankers at Julius Baer in Asia remain largely in place, even after Collardi plugged into Pictet’s platform and made his maiden visit to the region.
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