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Julius Baer on hunt for 80 new relationship managers

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Julius Baer on hunt for 80 new relationship managers

Julius Baer is on the lookout for around 80 new relationship managers and acquisition opportunities under its new chief executive. 

Bernhard Hodler (pictured) replaced Boris Collardi as chief executive at the end of last year following his shock defection to rival Pictet. 

Under Collardi, Julius Baer had been making a concerted push into the UK wealth market, hiring nine relationship and wealth managers from Barclays. 

The hires will launch new offices for the Swiss private bank in Manchester, Leeds and Scotland.

In a call with reporters following the publication of its full-year numbers today, Hodler said he intended to persevere with the strategy launched by Collardi.  

'[It's] a great strategy [which] we will sharpen in years to come', Hodler said.

He said increasing business with existing clients, and increasing its reach within existing markets, would be among the firm's key priorities.  

Collardi added that Julius Baer intended to 'drive [its] proven growth strategy of organic development and targeted M&A.'

In its results presentation Julius Baer said it was aiming to hire 80 relationship managers. The bank made more than a 100 net hires in 2016 and 41 last year.  It did not give a geographical breakdown for where it plans to make the hires. 

'I want to continue to sharpen the pure-play private banking strategy that sets us apart, and to position Julius Baer as the trusted adviser to our clients,' Hodler said. 

'We will also invest in further improving our tools and processes to support our relationship managers in providing holistic advice to our clients. Thanks to our unique positioning, we are well placed to take advantage of international expansion and hiring opportunities.' 

Record numbers 

Julius Baer's attracted Swiss franc 22 billion (£16.7 billion) in net inflows in 2017. 

Profits came in ahead of expectations, rising 14% to SFr806 million. Assets under management grew by  16%, or SFr52 billion to SFr 388 billion. 

It also announced the acquisition Brazil-based wealth management firm Reliance Group for an undisclosed sum.

São Paulo-based is one of the largest independent wealth managers in Brazil with around  Brazilian Real 17 billion (£3.8 billion) in assets under management. 

Julius Baer head of Latin America Beatriz Sanchez said: 'We are pleased to be acquiring Reliance which will highly complement our existing business for the benefit of all clients.

'The combination will form the undisputed leading independent wealth manager in Brazil and demonstrates our long-term commitment to this core strategic market.'

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