Private banking world stunned at CEO move

Boris Collardi stunned investors by stepping down as chief executive officer of wealth manager Julius Baer Group Ltd to join a rival bastion of Swiss private banking.

Bloomberg News reports that having held the top job at Zurich-based Julius Baer from the age of 34 and emerging as the industry’s consummate salesman, Collardi is effectively taking a demotion to become Pictet & Cie.’s co-head of global wealth management.

Baer only learned of his decision to leave at the weekend, according to its chairman, who said the move was for personal reasons, without elaborating. Key shareholder Harris Associates was among those expressing disappointment at the departure, which sent Julius Baer shares down the most in 17 months.

Hit the link below to access the complete Bloomberg News article:

Swiss Private Banking World Stunned as Baer CEO Joins Rival

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