Pictet has hired a Julius Baer banker to lead its new branch in Monaco. He is the latest in a stream of dozens of Julius Baer bankers to join the Geneva-based wealth manager recently.
Alain Ucari is in charge of the new Pictet branch in Monaco, which has a team of ten senior private bankers, according to a statement by the bank on Wednesday. Ucari (pictured below) joined Pictet from Julius Baer, where, until recently, he oversaw the business in Monaco in the capacity as chairman of the board. The new Pictet team members in Monaco joined from several different banks, according to the company.
A little over a year ago, Ucari took over the Africa and Turkey desk at Julius Baer in Zurich, after Daniel Savary and a team of 18 bankers had left the Zurich bank to join the Geneva rival. Before his five-year period at Julius Baer, Ucari worked for Credit Suisse, where he ran the Swiss giant's Monaco branch from 2002 through 2014.
Targeting Families, Businesspeople
Pictet opened the branch in Monaco to bolster the business with wealthy individuals: «The principality has become a financial center of choice for high net worth individuals, entrepreneurs and families,» said Renaud de Planta, senior partner at Pictet.
The bank has the necessary approval of the banking authorities in Paris and Monaco. The branch is legally attached to Pictet's Luxembourg unit.
