Lee has had to grapple with several departures from its external asset manager business and more recently, from its Singapore team, but the regional leadership and market-facing bankers at Julius Baer have remained stable.
The bank's senior management in Asia includes Angela Bow, who runs Julius Baer’s emerging Asia arm; Ivan Guidi and Christian Capelli, also executives devoted to emerging markets in the region; or Pamela Phua, who runs the bank’s business with intermediaries in China.
Is this a temporary respite? Collardi has stated that he would not make any hurried changes to the 213-year-old bank Pictet, instead he would spend his first 100 days meeting bankers and clients around the world, in an effort to understand its culture.
Splashy Hiring?
With that time coming to an end, it is anyone’s guess how many senior managers will be lured away, empowered though they may be. «Of course one worries about losing good people but it is part and parcel of this business», Lee says, a father of five who worked his way up from relatively humble beginnings.
He must draw considerable comfort from Julius Baer’s asset base in Asia – several times that of Pictet’s – that allows the bank to be a generous employer. A Hong Kong-based headhunter concurs, but questions the cost of this strategy. «It is widely assumed that Julius Baer pays a premium to market for candidates,» he says.
Lower Pay
Lee counters that Julius Baer’s payments practices are in line with the wider industry, and argues that every bank looks at closely at costs. «If people say Julius Baer is paying a 30 percent premium to market, there are banks that pay a 50 percent premium when they hire» he says. «In fact we have had candidates join us at lower pay so we certainly do not pay a 30 percent premium across all new hires.»
Click here to read the second installment of finews.asia's exclusive interview with Julius Baer's Jimmy Lee
- << Back
- Page 2 of 2
