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Because partners know they will probably have to get along for 20 or more years together, new ones are chosen with the care normally devoted to choosing a spouse, Geneva's private bankers are fond of saying.

Ultimately, the partnership must match up on «emotional, mentality and cultural aspects» along with combining specific expertise. «A new partner has to be someone you would be happy to sit down for a meal with,» as former Pictet senior partner Jacques de Saussure puts it.

Some Leave

Despite the emphasis on soft factors, there are countless examples of unsuccessful private banker partnerships. Anton Affentranger, a former UBS banker and now head of Swiss construction firm Implenia, left Geneva's Lombard Odier after just two years, apparently because the chemistry was off. Basel bank Baumann was left with just two partners after Rolf Buehler left last year, and two years ago Thierry Lombard left the bank his forefathers helped found.

Such departures always raise eyebrows, but shouldn't be overstated: a certain level of fluctuation is normal, even in the lofty realm of «privés». But because partners are hand-picked with so much delicacy and diplomacy, «divorces» among private banking partners draw more attention that ruptures elsewhere in the industry.

New Expertise

New partners from outside the bank such as Collardi provide much-needed injections of fresh expertise and experience. Collardi, who begins at Pictet in June or July, brings valuable banking knowledge from Swiss giant Credit Suisse as well as of course a nearly ten-year expansion spree with Julius Baer.

Specifically, Collardi knows how to kickstart hiring in Asia and expand in Europe and he understands the delicacy needed in dealing with angry U.S. justice officials. All three will serve him well as Pictet attempts to ramp up its Asian arm as well as bolster Europe (and Switzerland), and bring a costly and long-running criminal tax probe in the U.S. to conclusion. 

Successful Rejuvenation

If Collardi was tempted by prestige – and pay – that Julius Baer or Swiss giants like UBS would never be able to match, Pictet's partners have very high expectations of their colleague, finews.com has learned. The private bank's partnership has rejuvenated several times in recent years with little ado.

It is this unruffled stance which will allow Pictet's partners to one day either praise Collardi's performance – or to take the consequences if the match doesn't bear fruit.

Risk of Total Losses

Collardi, who comes from a modest upbringing, may not yet have internalized the banquier privé's self-image, or «standing on the shoulders of giants», as 12th century French philosopher Bernard of Chartres first put it.

He meant that we discover truth not solely from our own keen intellect, but by building on the discoveries of our predecessors. A retired Genevan private banker puts it more plainly: partners are little more than a footnote in the bank's centuries-old history.

«Becoming a partner is certainly a great honor and an opportunity to shape a legacy, but not more. Each partner joins at leaves at book value. There is no 'goodwill,' just the risk of losing everything.»