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Julius Baer: What’s behind Boris Collardi’s surprise move to Pictet?

In wealth management circles, the shock isn’t so much that Collardi has moved – rather, it’s the rival he has moved to.

Boris Collardi leaves Julius Baer for Pictet

What a difference a week makes. Last Monday, Boris Collardi was delivering the news that Julius Baer, the company of which he was at the helm, had seen its assets rise 17% this year and hit a record SFr393 billion ($397 billion).

This Monday, he announced he would be leaving to join rival Pictet.

To many of those in the industry there was no signal that Collardi was intending to leave – but one banker points out that when Julius Baer appointed a new deputy CEO in September alarm bells did start to sound.

Did it come as a surprise to Julius Baer’s board? Unlikely – there had always been a mild concern among Julius Baer’s upper echelons that, given his drive, Collardi could be tempted away by a new challenge. That challenge, many in the Swiss market believed, would likely be to run Credit Suisse or UBS down the line – not Pictet, which rarely hires from outside.

There, Collardi has been named as co-head of global wealth management, starting his new position in mid-2018.

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