Julius Baer is poaching Lars-Peter Schaefer to run its office in Stuttgart, it said in an emailed statement on Thursday. Schaefer and three others –Markus Grabensee, Bernd Knapp, and Martin Lichtner – are defecting from Deutsche Bank.

Schaefer replaces Bjoern Seemann, who built the Stuttgart operation and will in future focus on clients, the bank said. The Deutsche Bank team also took an assistant from Deutsche in Stuttgart; in April, Julius Baer has poached Martin Beat Kroiss from Bankhaus Metzler.