The Zurich-listed private bank has new leadership for its Asia-Pacific operations.
Julius Baer, the Swiss bank that has described Asia as its second home market, announced today that former senior Credit Suisse banker Jimmy Lee is to join the bank on 1 October, becoming head of Asia-Pacific and a member of the firm’s executive board from 1 January next year.
Lee takes the helm from Dr Thomas Meier, who has said he wishes to return to Switzerland and will continue with the Zurich-listed bank as non-executive vice chairman for wealth management, reporting to Boris Collardi, chief executive. In his new role, Meier will take over a number of key roles at group level, the bank said in a statement.
Having worked at Credit Suisse Group for a total of 11 years, Lee was most recently market group head for Hong Kong at that firm; prior to this, Lee acted as CEO Asia of Clariden Leu from 2009 to 2012 and headed the integration of the bank into Credit Suisse in the Asia-Pacific region in 2012/13. Before this, Lee was head of the private wealth management arm for Southeast Asia/South Asia at Deutsche Bank for five years and also held a number of other top management positions in the financial industry in Asia.
In Meier’s case, his change of role comes after he helped to build and then led Julius Baer’s business in Asia-Pacific for ten years and managed the integration of Merrill Lynch’s International Wealth Management business into Julius Baer’s local operations.
Last month, the bank reported that the surge in the value of the Swiss franc at the start of this year offset some of the impact of inflows and rising market values, with total assets under management standing at SFr284 billion ($295 billion) at the end of June, a 2 per cent dip from end-2014.
There was a positive contribution from net new money of SFr6 billion from the effect of market gains and client inflows, as well as the transfer of assets from Leumi Private Bank.
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