Swiss private banking group Julius Baer has realigned its organisational structure that includes simplification of its regional divisions and changes within its executive board to strengthen client orientation and improve efficiency.
Under the new structure, the Swiss lender would be organised into five regions, namely Switzerland, Europe (new), Emerging Markets (new), Latin America and Asia Pacific.
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The new set-up, which reduces the number of regional business units in the bank by one, would be effective from 1 September 2016.
Region Switzerland will be headed by Gian Rossi, who presently serves as head of Northern, Central and Eastern Europe.
The new Region Europe (excluding Central/Eastern Europe, including Israel) will be led by Yves Robert-Charrue, who is currently in charge of the Intermediaries business. He will be responsible for developing the European strategy mainly out of the new European hub Luxembourg after Julius Baer’s purchase of Commerzbank International S.A. Luxembourg.
The newly set up Region Emerging Markets will be headed by Remy Bersier, who currently serves as head of Southern Europe, Middle East and Africa. Bersier will now be based in Dubai, responsible for capturing the growth opportunities in the markets of Central/Eastern Europe/CIS, the Middle East, India and Africa.
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By GlobalDataBarend Fruithof, head of Switzerland and global custody, has decided to depart from the bank owing to differing views of the functional changes regarding the new regional set-up, Julius Baer said.
Meanwhile, the bank has appointed Nic Dreckmann as its new COO and member of the executive board of the bank from 1 August 2016. Dreckmann will join the executive board of the group on 1 January 2017.
Dreckmann will replace Gregory Gatesman, who is expected to quit the Swiss group by the end of the year and return to the US. Gatesman joined Julius Baer in 2012 from Bank of America Merrill Lynch.
The bank also appointed Philipp Rickenbacher, currently head of structured products, as its new head of advisory solutions.
In addition, Julius Baer announced that Giovanni Flury, member of the executive board of the group, will retire at the end of 2016 on grounds of age after 10 years with the bank.
