In a significant reshuffling of its top management, Julius Baer Group (OTC:JBAXY) Ltd. has brought on board two executives from UBS Group AG (SIX:UBSG), with the move taking place on Monday. The Swiss bank is positioning its COO, Nic Dreckmann, as a potential successor to CEO Philipp Rickenbacher, with Dreckmann set to become deputy CEO next year.
The management changes also include Thomas Frauenlob taking over the leadership of intermediaries and family offices, while Sonia Goessi will be responsible for Switzerland and Europe following the departure of Yves Robert-Charrue. Robert-Charrue was previously considered as a potential CEO candidate but lost out to Rickenbacher in 2019.
This reshuffle is part of Julius Baer's strategy to capitalize on growth opportunities within the wealth management industry. Under Rickenbacher's leadership, the bank is aiming to manage $1 trillion in assets and plans to add 200 new hires this year, marking its largest hiring initiative since acquiring Merrill Lynch's international wealth business.
Julius Baer is also setting up two new business regions as part of this strategy. The emerging markets region, which includes India, the Middle East, Africa, Central and Eastern Europe, Israel, Greece, and Turkey will be led by Rahul Malhotra. The Americas & Iberia region, primarily focusing on Latin America as Julius Baer does not offer wealth management services in the US, will be led by Carlos Recoder Miralles with Beatriz Sanchez serving as the chair of Americas.
Other key appointments include Sandra Niethen who will run client strategy & experience and Guido Ruoss who will oversee human resources. Christoph Hiestand will continue his role as Group General Counsel, addressing issues from Rickenbacher's early tenure.
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