Bernhard Hodler has been appointed CEO of Swiss private bank Julius Baer, with immediate effect, after Boris Collardi unexpectedly stepped down.

Collardi will join as co-head of global wealth management at the privately owned Pictet Group in Geneva in mid 2018.

Bernhard Hodler previously held the position of chief risk officer at Julius Baer since 2009. He was also named deputy to the CEO in September 2017.

The Board of Directors will engage in an evaluation process to assess the long-term leadership of the group, Julius Baer said on Monday.

Collardi’s tenure at Julius Baer saw the private bank expand its global presence and asset base through “successful acquisitions and organic growth.”

Julius Baer reported record assets under management of CHF 393bn caused by net inflows above its 4-6% target.

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By GlobalData

Daniel J. Sauter, group chairman of Julius Baer, said: “Julius Baer is in excellent shape.”

Commenting on Hodler’s appointment he said: “His appointment ensures continuity in our successful strategy and the delivery of our growth targets.”

Collardi has been a member of Julius Baer’s executive team since 1998 and has also held several senior positions.