Julius Baer gains another fund manager from Credit Suisse

Wealth manager Julius Baer has poached Derek Beatty from chief Swiss rival Credit Suisse in the latest of a string of job switches between the two firms. Beatty will be a senior portfolio manager at Julius Baer’s Guernsey office. He has spent 11 years at Credit Suisse as a member of the regional UK investment committee and for the past nine years, Beatty has been responsible for co-managing $4 billion (€3.6 billion) of multi-manager client money. Julius Baer and Credit Suisse have been engaged in a tit-for-tat staff poaching battle in recent months. In April alone, Julius Baer attracted three new staff from Credit Suisse, including Craig Allen, head of portfolio management. Earlier this month, Credit Suisse appointed Burkhard Varnholt, co-chief investment officer of Julius Baer, 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 further hires were “in the pipeline”, though was not speaking with reference to Credit Suisse. Julius Baer manages assets of 254 billion Swiss francs (€229.4 billion) globally. ©2016 funds europe

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