Swiss private bank Julius Baer is topping up its ranks following a raid by Genevan rival Pictet, finews.com has learned.
The hires were lined up before the Philipp Rickenbacher took over at Julius Baer this month, but they nevertheless mark the first notable milestone for the new CEO: the Swiss private bank is hiring a team of five private bankers specialized in wealthy Brazilian clients, a source familiar with the moves told finews.com.
Julius Baer is nabbing the five, led by Jorge Torea, from Credit Suisse. Torea is a 14-year veteran of the Swiss wealth giant and a managing director in Zurich and most recently São Paulo. A spokeswoman didn't comment on the hire of Torea and four other private bankers.
Hiring vs Being Raided
The team represents a replenishment of ranks for Julius Baer after a raid by Pictet six months ago, as finews.com reported exclusively. Julius Baer is undergoing a major clean-up under Latin America boss Beatriz Sanchez. She is withdrawing from several markets including Venezuela, after an ex-star banker was caught in a U.S. graft investigation.
The wealth manager, which has been in the headlines for several raids by Pictet, has hired more private bankers thus far this year than it had lost, the person said. In June, Julius Baer reported 11 fewer advisers than at the end of last year – it attributed the drop to more strictly measuring performance as it slashes spending.
