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Julius Baer creates unit to boost business with external asset managers

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By Reuters
Julius Baer creates unit to boost business with external asset managers
FILE PHOTO: The logo of Swiss private bank Julius Baer is seen at the bank's headquarters in Zurich, Switzerland, February 1, 2017. REUTERS/Arnd Wiegmann/File Photo   -   Copyright  Arnd Wiegmann(Reuters)

ZURICH (Reuters) – Swiss bank Julius Baer <BAER.S> said it created a new unit serving intermediaries such as external asset managers and independent financial advisors and appointed executive board member Philipp Rickenbacher to lead it.

Nicolas de Skowronski will succeed Rickenbacher as head advisory solutions and become a member of the executive board, with both appointments effective from Jan. 1, Julius Baer said in a statement on Monday.

Julius Baer Chief Executive Bernhard Hodler said in the statement that business with external asset managers and financial advisors had shown “remarkable resilience” to challenging industry trends and should continue to benefit from the need for independent wealth advice.

(Reporting by Silke Koltrowitz, editing by John Miller)