Julius Baer isn't done investing in Brazil after poaching a five-man team from Credit Suisse.
The Swiss bank detailed five hires from Credit Suisse, which finews.com exclusively reported two weeks ago. Led by new Brazil market head Jorge Torea, Julius Baer is also hiring Oliver Raess, Giovanni Vodola, Giorgio Bossi, and Ivano Massacra from Credit Suisse, it said in a statement on Wednesday.
«We are committed to investing further in Brazil,» Julius Baer's head of Latin America Beatriz Sanchez said. «Our combination of local proximity and know-how with our international presence and investment expertise will be further strengthened across this key market.»
Regional Revamp
Julius Baer launched a family office brand in Brazil in August which encompasses the bank as well as acquisitions GPS and Reliance. The Swiss firm, which employs 200 people in Brazil, said it is the largest independent wealth manager in the country.
Sanchez is one year into a major clean-up after a former Julius Baer star banker was caught in a U.S. graft investigation. She is withdrawing from several markets including Venezuela, where the scandal centered, while building up others like Mexico. Her most recent hires replenish Julius Baer's ranks after it was raided by rival Pictet.
The bankers are currently a team at Credit Suisse, where Torea is responsible for Brazilian wealth management. Torea, a former Clariden Leu banker, will be backed up by Raess. Vodola will lead the team, and Bossi and Massacra are being hired as senior private bankers. The team begins on November 1.
