Julius Baer is revamping its business with intermediary and custody clients. It is the second such revamp for the Swiss bank in three years.
The Zurich-based private bank is carving out its intermediary and custody arm into a separate unit, it said in a statement on Monday. Julius Baer is naming Philipp Rickenbacher as head of the new unit from next year.
The 18-year Julius Baer veteran – he is currently head of advisory solutions – will be tasked with articulating a consistent strategy and tailored offering on the needs of the private bank's external wealth manager clients.
Elevated to Top Management
Julius Baer said Nicolas de Skowronski (pictured below) will take Rickenbacher's spot in the advisory role. De Skowronski, who joined the bank after its 2005 acquisition of private bank Ferrier Lullin, will also be elevated to top management.
The new intermediary and custody unit reveres Julius Baer's dissolution of a similar unit three years ago in favor of spreading the business across its regions.
«Just» Europan Boss
The carve-out leaves top executive Yves Robert-Charrue, who has led the unit until now, with only Julius Baer's European business to run. One of Robert-Charrue's biggest decisions was to last year integrate WMPartners, an independent wealth manager it bought in 2013.
