Swiss Bank Julius Baer appoints Rickenbacher as CEO
Reuters
Published Jul 08, 2019 03:22AM ET
Swiss Bank Julius Baer appoints insider Rickenbacher as CEO
By John Revill
ZURICH (Reuters) - Julius Baer (S:BAER) has appointed Philipp Rickenbacher as its new chief executive officer, the Swiss private bank said on Monday, opting for a company insider to drive the wealth manager's future growth.
His appointment is the latest leadership change among Switzerland's wealth managers, who seek to preserve and increase the assets of rich clients. Credit Suisse (S:CSGN) appointed Philipp Wehle as the head of its international wealth management business after last week Iqbal Khan quit.
Swiss wealth managers are fighting to win new customers in emerging markets as Europe slows, but face increasingly volatile financial markets and new competitors.
Switzerland's third-largest listed bank looked at an array of internal and external candidates before deciding on Rickenbacker, chairman Romeo Lacher told reporters.
He declined to comment whether former Credit Suisse (S:CSGN) wealth management boss Iqbal Khan had been a contender for the post.
"This is the outcome of a careful evaluation process of internal and external candidates and we are especially proud of having a very strong bench of several internal candidates," Lacher told reporters.
"We do not discuss our evaluation process in public."
Khan had been said to be a contender for CEO position at Julius Baer, speculation which was heightened when he suddenly quit Credit Suisse last week "to pursue other opportunities."
Lacher said he was convinced that Rickenbacker, was the best candidate for the job.
The 48-year-old Swiss citizen, currently head of intermediaries and global custody at Julius Baer, will replace Bernard Hodler, who is retiring as CEO and the board.
Julius Baer, which manages assets of 427 billion Swiss francs ($431 billion), has been seeking a successor for Hodler, its former risk chief who took over at the Zurich-based group when predecessor Boris Collardi abruptly left in 2017 to run unlisted rival Pictet.
The bank said Hodler would remain with the bank to ensure a smooth transition in to 2020, before pursuing other projects which were not disclosed.
Rickenbacker, a former consultant at McKinsey, joined Julius Baer in 2004 where he also had a stint as head of advisory solutions.
"We are delighted that, with Philipp Rickenbacher, we have been able to appoint an internal candidate with a compelling leadership and industry track record, deeply familiar with Julius Baer's culture and business, but prepared to actively address the challenges of the future," Lacher said.
Get The News You Want
The chairman said the time was not right for a detailed strategy update, saying the bank would stick to its financial targets.
In February the bank announced plans to ax 130-140 jobs, or around 2 percent of its workforce, as part of a cost-cutting plan, after a tough end to 2018 caused it to scale back growth targets.
The bank is due to report its half-year results on July 22.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.