Boris Collardi unexpectedly resigned as chief executive officer of Julius Baer to become a partner at rival Pictet Group, triggering the search for a long-term successor. He will be replaced for now by Deputy CEO Bernhard Hodler.
Mr Collardi, 43, will join closely held Pictet as co-head of its global wealth management group as of mid-2018, the Zurich-based bank and Pictet said in separate statements on Monday. Julius Baer said the board will start “an evaluation process for the long-term leadership of the group.”
The shares dropped as much as 5 percent in early Zurich trading.
Under Mr Collardi, the bank has more than doubled its assets under management from 150 billion francs ($153 billion) to 393 billion francs, in part through acquisitions and the recruitment of relationship managers.The Swiss bank has also focused on adding roles in Asia, and the CEO said in September that he expects the region to account for about a third of its business in the next five years. A 6 percent increase in net new money gave the bank what Mr Collardi said was its “best half-year ever.”
“No other CEO from a wealth management bank has sold the business case as good as him,” said Andreas Brun, an analyst at Mirabaud Securities in Zurich. “He’s the best salesman a bank could wish for."
Mr Collardi was 34 when he became CEO of the country’s third-largest publicly-traded wealth manager. He vaulted to the top on the back of two stints in Singapore and promotions at Credit Suisse. He used his experience of living and working in Asia to advance the transformation of Julius Baer from a bank focused on western Europe to a network of businesses spanning Europe, Asia, the Middle East and Latin America.
Since 2012, the bank acquired the international operations of Bank of America Merrill Lynch and the European operations of other emerging market banks. It also bought the Luxembourg arm of Commerzbank and expanded its majority stake in Milan-based asset manager Kairos Investment Management. While he made no secret of his desire to further expand holdings, the bank has been retaining capital to comply with tougher post-crisis rules, limiting funding available for purchases.
Pictet said Mr Collardi will join its board of partners and will run the Geneva-based company’s global wealth management business alongside Remy Best. Mr Collardi is rare example of an outsider joining the senior ranks at Pictet, which reported 462 billion francs in assets under management at the end of 2016.
Hodler, who is also the bank’s chief risk officer, has been a member of Julius Baer’s executive team since 1998, according to the statement.
“Over the last 10 years we have been growing substantially -- that puts us in a good position going forward," Hodler said in a call with journalists.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications
Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
- Learning, scripting, storytelling and basic shots
- Master on-camera presence and advanced script writing
- Beating the algorithm and reaching your core audience
Rankings
ATP: 1. Novak Djokovic (SRB) 10,955 pts; 2. Rafael Nadal (ESP) 8,320; 3. Alexander Zverev (GER) 6,475 ( 1); 5. Juan Martin Del Potro (ARG) 5,060 ( 1); 6. Kevin Anderson (RSA) 4,845 ( 1); 6. Roger Federer (SUI) 4,600 (-3); 7. Kei Nishikori (JPN) 4,110 ( 2); 8. Dominic Thiem (AUT) 3,960; 9. John Isner (USA) 3,155 ( 1); 10. Marin Cilic (CRO) 3,140 (-3)
WTA: 1. Naomi Osaka (JPN) 7,030 pts ( 3); 2. Petra Kvitova (CZE) 6,290 ( 4); 3. Simona Halep (ROM) 5,582 (-2); 4. Sloane Stephens (USA) 5,307 ( 1); 5. Karolina Pliskova (CZE) 5,100 ( 3); 6. Angelique Kerber (GER) 4,965 (-4); 7. Elina Svitolina (UKR) 4,940; 8. Kiki Bertens (NED) 4,430 ( 1); 9. Caroline Wozniacki (DEN) 3,566 (-6); 10. Aryna Sabalenka (BLR) 3,485 ( 1)
Easter%20Sunday
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
THE BIO
Occupation: Specialised chief medical laboratory technologist
Age: 78
Favourite destination: Always Al Ain “Dar Al Zain”
Hobbies: his work - “ the thing which I am most passionate for and which occupied all my time in the morning and evening from 1963 to 2019”
Other hobbies: football
Favorite football club: Al Ain Sports Club
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Warlight,
Michael Ondaatje, Knopf
RESULTS
6pm: Mazrat Al Ruwayah – Group 2 (PA) $40,000 (Dirt) 1,600m
Winner: AF Alajaj, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
6.35pm: Race of Future – Handicap (TB) $80,000 (Turf) 2,410m
Winner: Global Storm, William Buick, Charlie Appleby
7.10pm: UAE 2000 Guineas – Group 3 (TB) $150,000 (D) 1,600m
Winner: Azure Coast, Antonio Fresu, Pavel Vashchenko
7.45pm: Business Bay Challenge – Listed (TB) $100,000 (T) 1,400m
Winner: Storm Damage, Patrick Cosgrave, Saeed bin Suroor
20.20pm: Curlin Stakes – Listed (TB) $100,000 (D) 2,000m
Winner: Appreciated, Fernando Jara, Doug O’Neill
8.55pm: Singspiel Stakes – Group 2 (TB) $180,000 (T) 1,800m
Winner: Lord Glitters, Daniel Tudhope, David O'Meara
9.30pm: Al Shindagha Sprint – Group 3 (TB) $150,000 (D) 1,200m
Winner: Meraas, Antonio Fresu, Musabah Al Muhairi
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The%20specs
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Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30: UAE v Nepal; Hong Kong v Singapore; Malaysia v Oman
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
