A long-standing senior banker for the ultra-wealthy at Julius Baer is moving to Pictet, finews.asia has learned. He is the latest in roughly two dozen defections to the Swiss wealth manager.
The movement of bankers from Julius Baer to Pictet continues with a veteran managing director the latest to join the Geneva-based private bank, finews.asia has learned. Sanjeev Premchand, who resigned from Julius Baer in February this year after nearly 15 years with the bank, joins Pictet as a senior relationship manager.
Premchand will be responsible for the Genevan bank's ultra-rich clients from the Middle East and Asia, including the Indian sub-continent. He will report into fellow Julius Baer alum Daniel Savary, who was part of an eight-person team that defected to Pictet in December last year.
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Savary, now head of Pictet's Middle East business, was joined by a team of Latin America bankers earlier this year and a team in Asia last month. Unlike rival Julius Baer, Pictet is not a name immediately associated with the non-resident Indian business although it does, in fact, have senior bankers catering to that segment out of both its Hong Kong and Singapore offices, finews.asia has learned.
The demographic is also believed to be an area which Pictet wealth management co-head Boris Collardi wants to develop further. Collardi is leveraging on a significant network he built in the region during his time at Julius Baer, of which he was CEO until defecting to Pictet 19 months ago. For Pictet, known for its advisory and discretionary business, the focus on south Asian clients marks a move towards more balance sheet-intensive businesses.
