Julius Baer has hired a 25-year private banking veteran from Goldman Sachs as its North Asia CEO and deputy chief of Asia.

Julius
Baer, the Swiss private bank, has lured a 25-year private banking
veteran from Goldman Sachs as chief executive of its North Asia business
and deputy chief of Asia.

Kaven Leung
co-heads the Asian private banking business at the US bank, a role in
which he is still incumbent. He will start the new job at Julius Baer on
19 April 2012, and will be based in Hong Kong, the headquarters for the
bank's North Asia business.

The previous North Asia CEO, Andrea Benenati, left in May after five
years at Julius Baer to set up an independent asset manager. Asia CEO Dr
Thomas Meier took on the role on an interim basis, and will now hand
over to Leung.

Leung will also be responsible for the Hong Kong branch of Julius Baer,
subject to regulatory approval. As his deputy, Leung will report
directly to Meier and be member of the bank’s Asia executive committee.

For the last three years Leung was a partner at Goldman Sachs.
Before Goldman he worked at US rival Citigroup for over 20 years, most
recently as CEO of global wealth management Asia and member of
Citigroup’s management committee and the Asia management board.

“Kaven is the ideal person to further expand our local business,” Meier said in a statement released by the firm.

It is the latest in a string of expansionary moves for Julius Baer in
Asia, which it considers its “second home market” after Switzerland.

Earlier this month Julius Baer sealed into a strategic partnership
with the Macquarie Group regarding the mutual referral of private and
investment banking opportunities in North and Southeast Asia.

The bank was also was given the green light to open a representative
office in Shanghai, by the China Banking Regulatory Commission earlier
this year.