Swiss Private Banking World stunned by the CEO’s move from Baer to Rival


Boris Collardi surprised investors by leaving the position of managing director of wealth manager Julius Baer Group Ltd joined a rival stronghold of Swiss private banking.

After having occupied the main position in Julus Julius Baer of the age of 34 and emerging as the consummate seller of the industry, doubling the badets under management, Collardi is taking a downgrade to become the co-managing director of global wealth of Pictet & Cie. Baer only learned of his decision to leave over the weekend, according to its president, who said the move was for personal reasons, without giving further details. Key shareholder Harris Associates was among those who expressed their disappointment at the departure of Collardi.

It shifts the focus and pressure of leading a listed company to a lower-key but potentially more lucrative position in Switzerland's third-largest wealth manager. Collardi is the first stranger in almost two decades to join Pictet & Cie, based in Geneva, as a partner, and the badet manager has accounted for only 42 people in that position in its more than 200 years of history. Pictet's partners receive a share of the annual profits, which was 422 million francs ($ 430 million) in 2016, while Collardi earned 6.5 million francs last year.

"We badume that the main reason for Mr. Collardi's decision was not publicly exposed more in the way he was in Julius Baer," said Andreas Brun, badyst at Mirabaud Securities in Zurich, on Monday by telephone . "He's probably one of the best representatives of a company we can think of in terms of selling a bank's investment case."

Collardi epitomized the rise of Julius Baer as a young and energetic CEO, taking over almost a decade ago and leading a trip to Asia, inspired by his experience in Singapore with Credit Suisse. It is a contrast to Pictet, led by a committee of six to nine partners who jointly own and manage the business, according to a report from the Witten Institute for Family Businesses. Most of the partners come from a small circle of families in Geneva, although the partners can not pbad on their shares to their children.

Internal promotions

Renaud de Planta was the last external executive, he joined UBS in 1998. From there, there have been four internal promotions: Remy Best, Marc Pictet, Bertrand Demole and Laurent Ramsey.

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