Boris Collardi's Asia Expansion Is on Track

Boris Collardi, CEO Julius Baer

Boris Collardi, CEO Julius Baer

Julius Baer's expansion in its proclaimed second home market – Asia — is developing according to the schedule. «We have hired about 100 new employees in Asia since the beginning of the year,» Boris Collardi, Julius Baer's CEO, told «Schweiz am Sonntag» newspaper.

Record Year for New Hirings

Some 45 new relationship managers have been found for the regions of mainland China, Hong Kong and Taiwan, Collardi said. The CEO of Zurich-based Baer is convinced that 2016 will prove to be a record year in terms of hiring new relationship managers.

Collardi had announced the rapid expansion plans a while ago and in April hired ten private bankers from a U.S. rival. While the rate of hirings is impressive, the bank hasn't been able to translate it into corresponding growth of assets under management, the real goal behind hiring all the new employees. Baer wants to achieve a growth rate of 4 to 6 percent.

«For the year as a whole, I remain confident of reaching the target range,» Collardi said in the interview.

Njet to Bankers Association

Speaking about his career, Collardi poured cold water on speculation he might be planning to change jobs. The job of president of the Swiss Bankers Association for instance – a position he has been linked with – isn't compatible with managing a listed company, he said.

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