Bloomberg News reports that the bankers are based in Monaco and Switzerland, said one of the people, asking not to be identified because the matter is private. More may be hired in Monaco, one of Julius Baer’s European hubs serving Latin American clients, said another person. Officials at Julius Baer and HSBC declined to comment.
Julius Baer has acquired businesses and hired bankers to compete with larger wealth managers such as UBS and Credit Suisse. The firm has signed more than 200 client-relationship managers from Credit Suisse and other Swiss, Asian and British private banks this year, Chief Executive Officer Boris Collardi said last month. Albert Henriques joined Julius Baer from HSBC as chief executive officer in Monaco, the company said last month.
HSBC is in the process of divesting a portfolio of Latin American client assets in Switzerland to Banco Santander as the lender restructures its private bank, people familiar with the matter said last month. The deal may include $4bn to $6bn of assets under management, according to the people.
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