The Swiss private bank lifted a team of private bankers specialized in wealthy Latin Americans off its bigger rival, finews.com has learned – the second time this year.
Julius Baer is hiring Andrés Marín as its market head for Colombia, effective immediately, according to a memorandum seen by finews.com. He is to lead a newly-created team of private bankers: Eduardo Garcia, Carlos King, and Paulina Widmer.
All four wealth managers were hired from Credit Suisse, where Marín was a senior relationship manager for the region for the last eight years. Garcia was Credit Suisse's legal representative in Bogota, King was a senior client manager, and Widmer was a client manager. King and Widmer will continue to be based in Zurich.
Second Raid On Rival
The hires are the second time Beatriz Sanchez, Julius Baer's Latin America chief who spent her first three years at the Swiss wealth manager cleaning up, tapped Credit Suisse. In January, Julius Baer hired a team of private bankers off its larger rival, as finews.com reported.
The wider Americas represents a natural counterweight to Asia, Julius Baer’s second home market. The two regions are also home to the last two uncharted onshore spots on the map: North America and China. The wealth manager is poised to decide in 2021 how it wants to handle the U.S., a business it exited by selling a New York office to UBS in 2004.
