EFG International wants to grow, especially in Asia. With UBS taking over Credit Suisse, board member Boris Collardi is seizing the opportunity.
EFG has been on a hiring spree in Asia, adding around 30 people so far this year, board member Boris Collardi said in a «Bloomberg-TV» interview (behind paywall), and plans to hire an additional 100 new wealth managers a «realistic number,» he said.
The expansion coincides with EFG's expansion strategy, particularly in Greater China and Southeast Asia. «We are hiring very actively,» Collardi said. «Some of them will come from Credit Suisse and UBS but not only,» the former Julius Baer CEO and Pictet partner added. «There’s been a lot of movement in the market and lots of people are relooking at their options now.»
Favorable Opportunity
EFG has made no secret of its intention to use the turmoil to poach people in asset management.
Collardi took a 3.5 percent stake in EFG after departing from Pictet and joined the board at the beginning of the year. He has a particular focus on Asia, where he is expected to help the bank with its growth plans.
By its admission, EFG's coffers are well stocked for acquisitions. At the beginning of the year, CEO Giorgio Pradelli said EFG had several hundred million francs of surplus capital available for transactions. Singapore, Hong Kong, London, and Europe are seen as key markets.
Facing a Market Consolidation
Although on the hunt for deals, there's nothing on the table at the moment. Following the takeover of Credit Suisse by UBS, competitors are looking for favorable opportunities and expects market consolidation to result, according to Collardi.
EFG currently manages about 30 billion Swiss francs in assets in Asia, and is looking to increase that to 50 billion as part of a three-year strategy, Collardi said.
