Julius Baer rejigs global product, solutions and client units
Julius Baer has announced new organisational changes to its global product, solutions and client units.
The Swiss private bank has established a new Global Products & Solutions unit combining its former Markets and Wealth Management Solutions divisions, and will be managed under the co-leadership of Luigi Vignola and Rajesh Manwani.
The new structure is set to "better support the client experience and growth of the Asian region", according to the announcement.
As part of the new struture, Manwani will become a member of the Global Wealth Management Committee (GWMC), representing Global Products & Solutions alongside Vignola, who has run Julius Baer’s Markets unit globally for the last six years. Manwani has served as the head of markets & wealth management solutions Asia since 2017.
CIO Office to become standalone
The CIO Office, previously within the former Investment & Wealth Management Solutions (IWMS) set-up, will stand as a separate function under the leadership of CIO Yves Bonzon, who has held this position since 2016, while continuing to report to CEO Stefan Bollinger. Yves Bonzon will remain a member of the GWMC.
"This move ensures the independence of Julius Baer’s investment management capabilities to the benefit of the Group’s clients, while supporting delivery of an integrated offering," the firm noted in its announcement.
New western markets & Switzerland
Going forward, Julius Baer’s client business will be structured in three regions: Asia, which will continue to be led by Jimmy Lee; Emerging Markets, which will continue to be led by Rahul Malhotra; and the new Western Markets & Switzerland, which will be co-led by Carlos Recoder and Thomas Frauenlob.
The new co-heads will oversee Switzerland – the private bank'’s home market – as well as the rest of Western Europe, the Americas and the intermediaries and family office business.
New head of digital business transformation
Nicolas de Skowronski, who has been co-head of IWMS for the last five years, is newly appointed head of digital business transformation, reporting to COO Nic Dreckmann. He will also serve as deputy COO and remains a member of the GWMC.
“These changes are a further step towards a simpler and more client-centric organisation that positions Julius Baer for growth. The new structure, centred around enduring client focus, will drive accountability and disciplined entrepreneurship while reinforcing our risk culture,” Stefan Bollinger, CEO of Julius Baer Group, commented.