The Genevan wealth manager continues to pick off private bankers from Julius Baer. A private banker focused on Brazil and his team are the latest to defect.
Julius Baer banker Marc Braendlin will take over the Latin America desk at Pictet in Zurich from October, the Geneva-based wealth manager said. Braendlin and a team of colleagues from Julius Baer as well as Brazil's Itaú Private Bank will move to Pictet. «These recruitments reflect our intention to further strengthen our strategic commitment towards the Latin American market», Pictet told finews.com.
Braendlin is currently deputy head of Julius Baer's wealth arm in Latin America. On Tuesday, «Bloomberg» reported that a total of ten Julius Baer bankers are following him to Pictet. That bank has already raided Julius Baer for talent, as finews.com reported exclusively. Under its newest partner and wealth co-chief Boris Collardi, Pictet is expected to continue its hunt for private bankers.
Inviting Talent
The Latin America hires will be based in Geneva, Nassau, and Zurich, where Pictet is expanding. «Marc will be instrumental in helping us expand our Latin American coverage out of Zurich, where there is a large pool of talent», Pictet said. He will report to Alberto Valenzuela, Pictet's head of Latin America.
The region is ripe for Pictet to swoop in on because Julius Baer is undergoing a major clean-upclean-up under Latin America boss Beatriz Sanchez. She is withdrawing from several markets including Venezuela, after one of Julius Baer's ex-star bankers was caught in a U.S. graft investigation.
