The Genevan wealth manager's senior partner der Privatbank Pictet addressed the controversial record of Boris Collardi, a partner of two years. Pictet and its partners stand behind the ex-Julius Baer boss.
A Swiss regulatory investigation into Julius Baer's record on money laundering scandals like PDVSA is highly unpleasant for Pictet: the period sanctioned by Finma sits squarely in the tenure of long-standing ex-Julius Baer CEO Boris Collardi. The Swiss banker defected to Pictet in 2017, where he became a partner in 2018.
In an unusual move, Finma has signaled it is also looking at the role of the bankers involved at the time – without elaborating on whether it is scrutinizing Collardi in his previous role as CEO. The move shines an unwelcome spotlight on Pictet, a 215-year-old white-glove wealth manager.
Full Support
Its senior partner Renaud de Planta on Sunday backed Collardi, in an interview with Swiss weekly «NZZ am Sonntag» (behind paywall, in German). «We stand behind Boris Collardi fully – that goes for all the partners, and I think I can also speak for the employees of our bank,» de Planta said.
De Planta was less categorical when asked what happens if Finma sanctions Collardi over his time at Julius Baer. «As I said, we stand behind Boris and we will evaluate the facts as we known them.»
