Julius Baer, the Swiss financial group, has begun restructuring its business in a move that covers investment solutions and custody.
The restructuring means changes to the executive board and the creation of a Europe and an emerging markets division.
Barend Fruithof, head of global custody and member of Julius Baer’s executive board, is to exit the firm due to “differing views of the functional changes” of the new regional setup. Giovanni Flury, another member of the executive board, will retire at the end of the year.
The firm’s five regional divisions are now Switzerland, Europe, emerging markets, Latin America and Asia Pacific.
Switzerland will be led by Gian Rossi, currently head of Northern, Central and Eastern Europe.
Yves Robert-Charrue, currently responsible for the firm’s intermediaries business, will run Europe – excluding Central and Eastern Europe, but including Israel. The intermediaries desk will now also be split, and allocated to each individual region.
Emerging markets will be led by Rémy Bersier, currently head of Southern Europe, Middle East and Africa.
The group will rename its investment solutions division as ‘advisory solutions’ and current head of structured products, Philipp Rickenbacher, will lead it and become a member of the executive board of the bank on August 1 this year.
Nic Dreckmann has been named as chief operating officer of the bank and member of its executive board, effective August 1. He will likewise become a member of the executive board of Julius Baer group from January next year.
Julius Baer managed assets of 305 billion Swiss francs (€280.7 billion) as of April 30 2016.
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