Julius Baer Rejigs Bank With Product, Regional Units
Zurich-based Julius Baer has announced another landmark reorganization under new CEO Stefan Bollinger who joined the bank in January this year.
Julius Baer has unveiled organizational changes to its business with the creation of one global products and solutions unit, three regional business divisions and one lead for all digital transformation initiatives, according to a statement.
CEO Stefan Bollinger has made his second landmark move since joining in January with the establishment of new executive board and global wealth management committee (GWMC) in February.
Products and Solutions
The global products and solutions unit combines the former markets and wealth management solutions units under the co-leadership of Luigi Vignola and Rajesh Manwani. Manwani, who has been head of markets and wealth management solutions Asia since 2017, will join GWMC.
The chief investment office will stand as a separate function under chief investment officer Yves Bonzon, who will continue to report to Bollinger while remaining a member of the GWMC.
Regional Divisions
In addition, Julius Baer’s client business will also be structured into three regions: Asia, emerging markets as well as western markets and Switzerland.
Jimmy Lee and Rahul Malhotra will continue to lead Asia and emerging markets, respectively. The newly formed western markets and Switzerland, which also includes the rest of Western Europe, the Americas, and the intermediaries and family office businesses, will be co-led by Carlos Recoder and Thomas Frauenlob.
Digital Transformation
Finally, the bank has appointed investment and wealth management solutions co-head Nicolas de Skowronski as head of digital business transformation, reporting to chief operating officer (COO) Nic Dreckmann.
In the new role, de Skowronski will «harmonize Julius Baer’s digital offering and initiatives in its core wealth management business, covering the user journeys for both clients and relationship managers». He will also serve as deputy COO and remain a member of the GWMC.
«Following the establishment of the new Executive Board and Global Wealth Management Committee, these changes are a further step towards a simpler and more client-centric organization that positions Julius Baer for growth. The new structure, centered around enduring client focus, will drive accountability and disciplined entrepreneurship while reinforcing our risk culture,» commented Bollinger.
