Julius Baer, the Zurich-based private bank, is experiencing a period of strong growth, boosted by the addition of new relationship managers.
Julius Baer, the bank managed by CEO Boris Collardi, has increased the net number of relationship managers by almost 50 since the beginning of the year, surpassing the net increase of 40 in the 12 months of 2015 by the half-year mark, the bank said in its half-year report today.
With the hirings, Julius Baer is executing the strategic decision to accelerate the recruitment of experienced relationship managers this year, it said. In total, more than 200 relationship managers (gross) decided to join the group this year so far, based on signings.
Strong Growth Expected
«The strengthened client-facing organization and the significant relationship manager hiring successes will bolster the Group's ability to grow its client asset base and achieve the medium-term targets in line with Julius Baer's focus on long-term and sustainable value creation,» said CEO Collardi in today's press release.
With staff numbers at 5,856 full-time equivalents, of which 1,284 are relationship managers and 144 from Kairos, Julius Baer had 9 percent more full-time equivalents at the end of June than 12 months ago, or 478 more in absolute numbers.
Hiring Costs
The personnel expenses didn't increase at the same rate because of an amendment to a pension fund plan in Switzerland. Outlays declined 1 percent to 623 million Swiss francs. Excluding the effect of the amendment, personnel expenses increased by 9 percent to 686 million francs, the bank said.
