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The executive director of the Swiss bank Julius Baer unexpectedly resigned to become a partner of Pictet, rival of Geneva.
Boris Collardi, who became the executive director of Julius Baer in 2009, resigned with immediate effect, the bank announced Monday.
The measure highlights the fierce competition among Swiss private banks in their attempt to expand their business by managing the wealth of the world's wealthy, especially in Asia.
Julius Baer gave no explanation for the decision of Mr. Collardi, who under his leadership oversaw an aggressive expansion program at the Zurich-based bank. But the bank said Bernhard Hodler, director of risk, would take over as CEO while the board reviewed the long-term leadership of the business.
Daniel Sauter, president of Julius Baer, said:
Julius Baer is in excellent shape. We want to thank Boris Collardi for his outstanding contribution and good management of the Group for almost nine years. Although we regret losing it, we respect your personal desire for change and wish you the best for your future.
At Pictet, Mr. Collardi will join the six existing managing partners and badume joint responsibility for the bank's global equity management.
Nicolas Pictet, managing partner, welcomed the appointment of Mr. Collardi "at a time when the prospects for wealth and badet management worldwide have never been more promising or more challenging".
Pictet had badets under its administration or custody of 494 billion francs at the end of September. Julius Baer had badets under management of 393 billion francs at the end of October.
(Image file: Bloomberg)