Julius Baer is poaching a prominent Edmond de Rothschild private banker as its new head of Italy.

Zurich-based private bank Julius Baer said it is hiring Luca Venturini, who is deputy head of Edmond de Rothschild's private bank, as head of Italy.

The move comes nearly three months after Julius Baer moved its Italian domestic market head, Lloris Vallone, who had been key to integrating the bank's acquisition of asset manager Kairos, to London in a new product and service role. 

Chief Executive Boris Collardi's frequent churn of staff and management reshuffles, which often end in prominent departures, have raised eyebrows in the past.

Recently Promoted by Rothschild

This appointment appears to be more straight-forward: the bank said that Venturini replaces Beda Kraehenmann, who wants to reduce his management responsibilities after 43 years in banking. Kraehenmann remains with the bank as an advisor to key Italian clients.

Venturini is a former Sarasin and Credit Suisse banker who joined Rothschild as head of Lugano in 2011. He rose steadily at the Geneva-based private bank, and his most recent promotion was earlier this year.

Yves Robert-Charrue, who emerged as the head of Julius Baer's long-neglected European market in the bank's most recent management shuffle, said the hire underscores Italy's strategic importance to the bank.