Private bank Julius Baer is launching its own unit for direct private investments. The head of the business will join from Switzerland’s largest bank, UBS.
Giuseppe De Filippo is moving from UBS to Julius Baer to take charge of a new direct private investment unit, the private bank said in a statement on Friday.
The offer of direct private market investments is intended for the bank’s richest clients (UHNW) and De Filippo will start building his team of experts on October 1.
Extensive Network in the Business
Some of the team will join from outside, some will move from other positions at Julius Baer. The business will complement the product offering of Julius Baer and become part of the market division.
De Filippo has been at UBS’ wealth management division since 2006. He is the current head of the Direct Investments Group and Corporate Finance Group. He is a leading expert in private markets and has an extensive network of contacts at companies, alternative asset managers and investors.
Blow to Iqbal Khan
His departure may be seen as a setback to the ambitions of Iqbal Khan at UBS. De Filippo was the manager in charge of coordinating the private market activities in Europe, the Middle East, Africa as well as Switzerland. Khan and Tom Naratil, the co-heads of UBS wealth management, over the past weeks developed the Private Markets One Bank Partnership at the Swiss giant. The unit will offer super-rich clients investment opportunities outside the stock market.
This is now the business that De Filippo will be heading at Julius Baer.
