Julius Baer co-CIO leaves for rival

DepatureBurkhard Varnholt, the co-chief investment officer of Julius Baer, is to leave the firm and join its main rival Credit Suisse.

His departure comes five months after Julius Baer launched an investment management division and appointed Yves Bonzon as its head. Bonzon was also made co-CIO of the firm along with Varnholt, who heads a separate division called investment solutions group.

Varnholt will leave Julius Baer at the end of May and join Credit Suisse in November, where he will serve as deputy global chief investment officer of investment solutions and products within the firm’s international wealth management division.

A spokesperson for Julius Baer said Varnholt’s departure is part of an ongoing “realignment” of its investment solutions group. Varnholt’s role will be filled by Bonzon, who previously worked at Pictet.

At Credit Suisse Varnholt will report to Michael Strobaek, the chief investment officer and head of investment solutions & products, who says Varnholt will play a key role in the firm’s international expansion.

Credit Suisse manages assets of 321.2 billion Swiss francs (€297.2 billion) as of year-end 2015.

Varnholt will also become vice-chairman of the company’s investment committee.

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