Julius Baer CEO to join Pictet as partner

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Julius Baer CEO to join Pictet as partner

The chief executive of Switzerland’s Julius Baer financial group, Boris Collardi (pictured),  resigned over the weekend, and will join rival Pictet’s board of partners effective from mid-2018 at the latest, Pictet announced.

Collardi had been CEO of Julius Baer since 2009. Today, Julius Baer said its chief risk officer, Bernhard Hodler, would take over as chief executive while the board reviewed the long term leadership of the business.

At Pictet, Collardi will join the existing six managing partners: Nicolas Pictet, Renaud de Planta, Rémy Best, Marc Pictet, Bertrand Demole and Laurent Ramsey.

It is understood Collardi will be jointly responsible for Pictet’s global wealth management business, alongside Rémy Best, Pictet’s managing partner in charge of the division since December 2014.

Pictet senior managing partner Nicolas Pictet said the company was “delighted” to  be able to appoint as a partner “someone of Boris Collardi’s calibre…at a time when the prospects for wealth and asset management globally have never been more promising, nor more challenging”.

Pictet had more than Sfr492bn (€420.6bn) in assets under management or custody at the end of September.