Julius Baer’s CEO shocks the banking world by stepping down
Boris Collardi leaves at the top of his game as he swaps the limelight and pressure of heading up a major Swiss bank for a lower-key position
Zurich — Boris Collardi stunned investors by stepping down as CEO of wealth manager of Julius Baer to join a bastion of Swiss private banking. Having held the top job at Zurich-based Julius Baer from the age of 34 and emerging as the industry’s consummate salesman, doubling assets under management, 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 Collardi’s departure. He’s swapping the limelight and pressure of leading a listed company for a lower-key but potentially more lucrative position at Switzerland’s third-largest wealth manager. Collardi is the first outsider in almost two decades to join Geneva-based Pictet & Cie as a partner, with the wealth manager having counted only 42 people in that positi...
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