Pictet partner Renaud de Planta addressed fears of a raid on Julius Baer by former CEO Boris Collardi – without exactly giving the all-clear signal.
Renaud de Planta isn't just one of seven Pictet partners – the long-standing Swiss private banker is also Genevan finance royalty. As head of asset management, de Planta oversees the largest of the $512 billion ($518 billion) family-controlled bank's units.
But it is private banking which has dominated the spotlight, after former Julius Baer boss Boris Collardi suddenly defected for Pictet last year. Collardi is expected to kickstart the Genevan bank's business with wealthy clients, which means de Planta had to address the private banking arm in an interview with Swiss publication «Finanz und Wirtschaft» (behind paywall, in German).
«Welcome With Us»
To expectations among Julius Baer bankers including Jimmy Lee in Asia that Collardi will raid his former ship, de Planta said «It's not our style to hurt someone and poach employees in a targeted fashion.» This doesn't mean Julius Baer can rest easy: «If good bankers are looking for a new employer, then they are welcome with us,» the longtime Pictet partner said.
«Good bankers» can be found at other Swiss banks, de Planta deduced: Switzerland is home to the largest talent pool for wealth management in the world, he noted. This advantage can erode if Switzerland needs to keep «offshoring» staff, he fretted.
Deals in Asia
To be sure, Pictet also wants to grow abroad – such as in Asia, where Collardi has rich experience from Julius Baer and with Credit Suisse, his previous employer. «We will invest in Asia and continue to grow. I don't rule out acquisitions,» de Planta said. «Prices are high though, and there simply aren't that many targets.»
