Boris Collardi’s offices at Pictet in Zurich is not only adjacent to where he used to reside at Julius Baer, but also has plenty of space for new colleagues. And the former CEO of Julius Baer is wasting no time trying to add to his troops.

Collardi was trying hard to lure Latin America experts from Julius Baer to his new employer, a source close to Julius Baer told finews.com. The former CEO of the Zurich-based private bank was using the current vulnerability of the Latin America business at Julius Baer to his advantage.

An Upset Group of Bankers

Julius Baer’s Latin America bankers are more alert than usual following the money laundering case involving former relationship manager Matthias Krull and the internal investigation by a U.S. law firm ordered by the headquarters in Zurich.

Krull is said not to have used Julius Baer accounts to wash the $1.2 billion from Venezuela, but the bank wants to make sure and is having his entire client book vetted.

The bank also has mandated Beatriz Sanchez to evaluate the strategy for the region, which has prompted several relationship managers to leave.

New Start at Pictet?

It is this unsettled atmosphere that Collardi is trying to exploit, according to the Baer sources. With bankers and clients unhappy about extra administrative controls implemented, the former CEO offers a clean new start at Pictet.

Collardi knows Gustavo Raitzin, the predecessor of Sanchez as head of Latin America, very well personally. They live close to each other in the greater Zurich region and frequently commuted to the city together.

No Poaching – But Recruiting for Sure

So Collardi knows the situation at Julius Baer and his brief at the Geneva-based private bank specifically is to pursue a growth strategy. Of course, Pictet says it is not their style to poach staff from rivals, as Renaud von Planta, a partner at the bank, said recently.

But Pictet also faces constraints when it aims build its wealth management. A spokesman said the bank had recruitment plans in place for all relevant markets, including Latin America.

Seize the Day

Hence, Collardi is back at his best, seizing on opportunities where they arise. Observers had expected him to start out with a recruitment drive in Asia first, instead he now seems to concentrate on another region.

So far, his flirt with Julius Baer bankers hasn’t been returned, according to sources contacted by finews.com. But the Latin America business is undergoing change and the management is releasing relationship managers who are judged to have been lax with know-your-customer rules and compliance.

Despite all this, the bank hasn’t changed its focus on the onshore business in Mexico, Brazil and Argentina. «Julius Baer still sees a great potential in Latin America and continues its business in the target growth markets unabatedly,» said a spokeswoman for the company.