Julius Baer has made plain its ambitions for the China, Hong Kong and Taiwan market. The Swiss bank has again raided industry leader UBS for four new private banker hires.
By Shruti Advani, Guest Contributor finews.asia
Zurich-based Julius Baer is continuing its raid on UBS, lifting four private bankers from the Swiss giant, a source familiar with the matter told finews.asia.
The move underscores the vigor with which Julius Baer, one of Asia's most aggressively expansive private banks in recent years, wants to bolster its business with China's wealthy, which is run by David Shick. The move follows the poaching of several other notable bankers from UBS for the Chinese market, including Vicki Lee last month.
Now, the bank is hiring Chern Pei Pei and Rachel Sun Li as senior advisors for Julius Baer's greater China team. Both women are UBS veterans: Chern, who will be based in Singapore, spent ten years as a private banker at UBS, most recently as head of a team of bankers responsible for Taiwan. Previously, she worked at American Express and Citibank.
UBS Background
Sun Li spent seven years at UBS as well as its investment banking arm. Both she and Chern being hired as managing directors in Singapore.
Julius Baer also snapped up Kuo Ling and Celine Lee as executive directors for the same team. Ling was with J.P. Morgan for 17 years before joining UBS more than three years ago. Lee was most recently team head in UBS' Taiwan team. Both women will be based in Hong Kong.
All four new hires will report to Chew Mun-Yew, Julius Baer's group head for China, Hong Kong, and Taiwan as well as market head for Taiwan. Mun-Yew is also an alum of UBS, poached by Julius Baer late last year.
