Sunday, 5th July 2009

 

3 October 2008 - David Bain

Julius Baer sees departure of seven investment specialists

Seven investment specialists in Julius Baer’s investment products division in Zurich have left the bank.

Among those leaving include Andre Ruegg, head sales & distribution, and six others working with Ruegg. The names of the others have not been released.

Beat Wittmann, head of Julius Baer’s investment products division, confirmed the departures and said they left as part of the on-going strategic changes at Julius Baer.

“We would expect these departures in the normal course of any strategic changes,” he said.

It is not known where the seven are going, although a source close to the bank said that all of them were joining a “small institutional asset management group in Switzerland”.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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