Former star banker Boris Collardi had been very quiet after leaving Pictet last August. Now, surprisingly, he is taking a stake in a Swiss private bank.
Former Julius Baer boss and Pictet partner Boris Collardi has found a new home. He is taking a 3.6 percent stake in Swiss private bank EFG International, the institution announced in a surprise move on Friday.
With his participation, the banker will also take a seat on the board of directors of the private bank, as was further learned. An extraordinary general meeting is to be held for this purpose - as soon as all regulatory requirements have been met.
In the coming months, the EFG board of directors intends to convene an extraordinary shareholders' meeting to elect Mr. Collardi in the coming months once all regulatory filings and approvals have been completed. Collardi will then be a non-independent member of the board of directors.
Collardi's 3.6 percent stake is being sold to him by Greek owner Spiro J. Latsis, according to the statement.
Q1 Performance
According to a statement, EFG delivered first quarter operating revenues at similar levels compared to the same period last year, despite lower client trading activity.
Revenue-generating assets under management fell from 172 billion Swiss francs at end-2021 to 1667. billion francs in the first quarter of 2022, driven by negative market performance of 6.9 billion francs from a challenging market environment.
Year-to-date including April, annualized net new asset growth exceeded 2 percent and surpassed 4 percent when excluding the effects of client deleveraging.
