In a surprise development, the head of Swiss business at Julius Baer, Barend Fruithof, has thrown in the towel. What is behind the unexpected departure?
The news came out of the blue. The new Swiss chief, Barend Fruithof, who took up his position just last autumn, is leaving Julius Baer bank, as revealed in a statement from the bank Tuesday outlining management changes.
The bank said Fruithof had decided to leave due to «differing views of the functional changes in the context of the new regional set-up». The new structure will consist of the five regions Switzerland, Europe (new), Emerging Markets (new), Latin America and Asia Pacific, and will lead to changes within the executive board, Julius Baer said.
New Swiss Boss
In other changes, Philipp Rickenbacher has been appointed head of advisory solutions, and Nic Dreckmann will become chief operating officer. Amid the changes, Fruithof, head of Switzerland region and global custody has decided to leave Julius Baer.
Gian A. Rossi will take over leadership of Swiss business. He is currently head of the region north, central and eastern Europe.
The intermediaries business will be allocated to the new regional set-up and largely integrated into the region Switzerland, which includes the global custody business as well.
The bank also announced that executive board member Giovanni M.S. Flury will retire after 30 years in the financial industry.
More to follow
