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Boris Collardi updates
Signal as much as myFT Day by day Digest to be the primary to learn about Boris Collardi information.
Boris Collardi, the previous chief govt of Julius Baer, is stepping down as a associate at rival personal financial institution Pictet, after he was rebuked earlier this yr by the Swiss monetary regulator over a long-running money-laundering scandal.
Collardi and Bernhard Hodler, his successor at Julius Baer till September 2019, have been formally reprimanded by Finma in January after the regulator concluded its probe into Julius Baer’s dealing with of soiled cash from Venezuela’s state-owned oil firm Petróleos de Venezuela (PDVSA).
Switzerland’s extremely secretive personal banking trade is trying to maneuver on from a spate of money-laundering and corruption scandals in recent times.
One of many highest-profile figures in Swiss finance, Collardi defected from Zurich-based Julius Baer in 2017 to develop into one in all seven companions on the board at Geneva-based Pictet.
Pictet introduced on Wednesday that Collardi could be stepping down on September 1. The assertion was made alongside the financial institution’s first-half yr outcomes, which confirmed Pictet’s income rose 45 per cent in contrast with the identical interval a yr earlier, excluding the sale and leaseback of the group’s essential Geneva constructing.
Renaud de Planta, Pictet’s senior managing associate, stated: “We’re grateful for the numerous contribution that Boris has made to Pictet over time since he joined us.”
Pictet stated Collardi had determined to step down following discussions with board members. An individual briefed on the talks stated his determination was much less due to the Finma motion and extra resulting from cultural clashes with different companions.
Collardi was one in all only a few outsiders to be made a associate in Pictet’s greater than 200-year historical past, with these appointed usually staying in place for many of their careers.
The hard-charging Collardi was appointed chief of Julius Baer in Might 2009 — its youngest ever boss at 34 — and oversaw a breakneck enlargement. The financial institution greater than doubled its belongings below administration throughout his tenure, earlier than his surprising resignation in November 2017.
The FT reported final yr that Julius Baer was in search of to withhold greater than SFr2.5m ($2.7m) of Collardi’s complete deferred pay after an inside probe deemed he had did not oversee the financial institution correctly in relation to the PDVSA case.
A German banker who labored for Julius Baer in Panama pleaded responsible within the US in 2018 to at least one depend of conspiracy to commit cash laundering in reference to PDVSA funds.
Throughout Collardi’s time as chief, Julius Baer was additionally embroiled in a corruption scandal at Fifa, world soccer’s governing physique, that got here to a head in 2015 and led to the resignation of Sepp Blatter, Fifa’s longtime president.
Julius Baer agreed to pay greater than $79m in penalties in Might following the conclusion of a US Division of Justice investigation into the Fifa case.
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