Gustavo Raitzin, head of Latin American for Julius Baer, is set to leave the bank. The search for a successor is underway.
Julius Baer is looking for a new head of its Latin American business. Gustavo Raitzin (pictured below), who has led the unit since 2005, will be replaced, newswire «Reuters» reported, citing anonymous sources.
The reason for Raitzin's replacement is simple: he is 60, meaning succession planning would have begun shortly anyway.
A spokeswoman for Julius Baer referred finews.com to recent comments by Chief Executive Boris Collardi on a generational change in the bank's top management, leading to changes due to retiring bankers.
Raitzin is one of several top executives Collardi could be referring to; communications head Jan Bielinski is another.
Orderly Succession
Julius Baer has hired a headhunter to replace Raitzin, who also runs an Israel desk in Zurich, as part of an orderly succession plan.
The bank's business in Latin America has suffered outflows recently after several key countries offered their citizens tax amnesties. The region is nevertheless one in which Julius Baer views as promising.
