Julius Baer chief investment officer Burkhard Varnholt is to leave the firm to join Swiss rival Credit Suisse.
Varnholt will join the Credit Suisse as deputy global chief investment officer in investment solutions & products (IS&P) in international wealth management. In addition he also becomes vice-chairman of the Credit Suisse investment committee and a member of the IS&P management committee.
Varnholt leaves Julius Baer at the end of May but will not start his new position at Credit Suisse until November 1.
Credit Suisse dubbed its appointment of Varnholt a “key hire” for its international wealth management division’s investment capability.
Prior to his position at Credit Suisse from Julius Bär, Varnholt joins spent eight years at Bank Sarasin, where he was also CIO and a member of the executive committee. He will be based in Zurich and report to Michael Strobaek, chief investment officer and head of investment solutions & products.
Strobaek said: “Burkhard Varnholt will support us in further developing our global investment engine. He will significantly contribute to translating our global views into actionable investment ideas and solutions and further advancing our ambitious goals in IS&P.”
Julius Baer said that Varnholt is leaving the firm following realignments within its investment solutions group (ISG). Yves Robert-Charrue has taken up the position as head (ISG) ad interim with immediate effect, in addition to his duties as head intermediaries.
He will report directly to chief executive Boris F.J. Collard. Robert-Charrue joined Julius Baer in 2009 and has been a member of the bank’s executive board since 2010.
As a result of these changes, Yves Bonzon will now become sole chief investment officer of Julius Baer. He will also continue to lead the bank’s investment management unit, which is responsible for managing discretionary investment solutions.