Julius Baer Private Banking Group has reshaped its investment solutions division, as part of a major restructuring at the Swiss firm.
The new regional set-up will be split into five new divisions globally and will include a series of changes within the Executive Board of Bank Julius Baer.
The Investment Solutions Group division will be renamed into Advisory Solutions with a reformed division bringing direct investments across asset classes and wealth planning services all under one roof.
The move will also see Julius Baer’s fund selection unit moved across into the Advisory Solutions unit.
This new unit will be headed by Philipp Rickenbacher, currently head of structured products, from August 1. As well as Rickenbacker’s appointment as head of advisory solutions, Nic Dreckmann will become chief operating officer and will replace Gregory Gatesman, who will return to the US.
Barred Fruithof, head of Region Switzerland & Global Custody has decided to leave Julius Baer following a disagreement over the restructuring and Giovanni Flury, member of the Executive Board of the group, will also retire.
In a busy week for the firm, Alain Ucari was also promoted to chairman of bank Julius Baer (Monaco) and Albert Henriques joined the firm from HSBC and will replace Ucari as chief executive of Julius Baer in Monaco.
In a statement, Julius Baer Group Ltd announced the re-alignment of its organisation, with a new set-up consisting of five departments instead of three previously. The divisions will be; Switzerland, Europe (new), Emerging Markets (new), Latin America and Asia Pacific and the Investment Solutions Group will be renamed Advisory Solutions.
Boris Collardi, chief executive at the Swiss banking giant said that he expects that the re-alignment of the front organisation will enable a “period of very strong growth” for the group.
Region Switzerland will be led by Gian Rossi. Rossi is currently is head of Northern, Central and Eastern Europe. Barend Fruithof, head of Switzerland & Global Custody and member of the Executive Board of the Bank, has decided to leave the Bank due to differing views of the functional changes in the context of the new regional set-up.
The new Region Europe (excluding Central/Eastern Europe, including Israel) will be run by Yves Robert-Charrue, mainly out of the firm’s new European hub in Luxembourg, following the recent acquisition of Commerzbank International S.A. Luxembourg. Julius Baer said that Yves Robert-Charrue will also continue to be responsible for the intermediaries business.
The newly-established Region Emerging Markets will be led by Rémy A. Bersier, who currently is head Southern Europe, Middle East and Africa. Bernier will be based in the firm’s Dubai headquarters.
Furthermore, following the launch of ‘Julius Baer – Your Wealth’, the division Investment Solutions Group will be renamed Advisory Solutions and will come under the new leadership of Philipp Rickenbacker, as of 1 August.
Rickenbacker is currently also head of structured products and will be a member of the Executive Board of the Bank as of the same date.
Changes on Group level
The new COO, Nic Dreckmann, will also be a member of the Executive Board of the Group as of 1 January 2017, replacing Greg Gatesman who will step down from the Executive Board of the Group by the end of the year. Additionally, Giovanni Flury, member of the Executive Board of the Group, will retire on grounds of age at the end of 2016 after 10 years with Julius Baer and 30 years in the financial industry.
Collardi added: “Over the past few years, Giovanni Flury and Greg Gatesman have contributed tremendously to the success of the Group. I would like to thank both for their great achievements. I also thank Barend Fruithof for efficiently shaping the home market Switzerland and setting up a strong team within a short period of time.”