People Moves
Julius Baer China Team Resurface At BSI Hong Kong
A team of at least five people at Julius Baer are due to move to the Hong Kong division of rival Swiss bank BSI.
A team of at least five from Switzerland's Julius Baer are poised to move to the Hong Kong division of Banca della Svizzera, a month after the firm's parent was reported to be looking to sell the private bank.
Betty Xu, the former senior private client partner and team head for China at the Hong Kong division of Julius Baer, is joining BSI imminently, WealthBriefingAsia understands. She is joined by Amy Wei, who was also a senior private banker on the China team. They have taken with them a team of at least three junior employees and left the bank about a month ago, confirmed a Julius Baer spokseperson.
They will likely report to another new joiner, Susan Chua, who started at the bank last month as head of wealth management for Hong Kong. She joined from Coutts where she worked for eight years most recently as head of investment for southeast Asia. She relocated from Singapore to Hong Kong and reports directly to Esther Heer, chief executive for Hong Kong.
A spokesperson for BSI said: "We are unable to confirm regarding any new hires at this point in time."
The move comes two months after the bank's Italian insurance parent, Assicurazioni Generali, was reported to be looking to sell BSI, potentially for as much as US$1 billion. The Lugano-based private bank recorded net profit of SFr58 million (US$61 million) last year, 2 per cent higher than 2010 but well below the SFr100 million recorded in 2009 and 2008.
JP Morgan has reportedly been appointed to help find a buyer for the business but as of yet, no announcements have been officially made. The insurer, Italy's largest, appointed a new chief executive at the beginning of this month.
BSI recently received a licence from the Hong Kong government and had been gearing up for an aggressive push into the region, chief executive of Hong Kong Esther Heer told WealthBriefingAsia in an interview earlier this year.
A Hong Kong-based spokesperson said of the reported buyer search: "As for the market rumours regarding the sale of the bank, we do not have any information either."