A star hire at Pictet & Cie is causing consternation at one of Geneva’s most exclusive private banks.
Pictet’s partners are discussing damage to the firm’s brand related to co-wealth management head Boris Collardi’s time as chief executive officer of Julius Baer Ltd., according to people with knowledge of the matter. In a strongly worded rebuke last month, Swiss regulators criticized Baer’s controls during Collardi’s near decade in charge, highlighting “systematic failings” in due diligence and anti-money laundering processes.
