The chief executive officer at Julius Baer has resigned with immediate effect to become the co-head of the global wealth management business at Pictet Group.
Boris Collardi has been the CEO at Julius Baer since 2009 and served as chief operating officer and CEO of investment solutions prior to that.
Julius Baer’s board of directors confirmed Bernhard Hodler will take over as CEO as the firm looks to engage in an evaluation process for the long-term leadership of the Group.
Hodler is currently chief risk officer and was named deputy CEO in September this year, after having been a member of the senior executive team since 1998.
Daniel Sauter, chairman of Group Julius Baer, explained while the firm regrets losing Collardi, the team respects his decision to leave and pursue a change in his career.
He added: “[Holder’s] appointment ensures continuity in our successful strategy and the delivery of our growth targets.
“As the leader in private banking, Julius Baer’s primary focus is to serve our clients with best-in-class advice and holistic wealth management solutions.”
Julius Baer reported record assets under management of CHF 393 billion for the first ten months of 2017, with net inflows above its 4%–6% target growth range.