Boris Collardi
Boris Collardi | |
|---|---|
| Born | July 17, 1974 Nyon, Switzerland |
| Occupation | Banker |
| Years active | 1995–present |
| Known for | Former CEO of Julius Baer, Partner at Pictet Group |
Boris Francesco Jean Collardi (born 17 July 1974) is a banker of Swiss-Italian descent and a former partner at Pictet Group. He began his tenure at Julius Baer in 2006 as Chief Operating Officer and advanced to CEO in May 2009, a role he held until his surprising resignation in November 2017 to join rival firm Pictet. Additionally, he co-established the youth football initiative Footbao alongside Francesco Ciringione.
Early years
Raised in Nyon, Collardi completed an accounting degree at Cessouest School in 1993. His professional journey started with Credit Suisse’s Career Start Program in Geneva, where he remained from 1995 until 2006 in multiple capacities. Beginning as an analyst within the Investment Research Group in Zürich, he progressed through various roles, including two postings in Singapore, before becoming private banking CFO in 2003 and later private banking COO for EMENA along with head of special projects in 2004.
Ascension to CEO
Following Julius Baer’s acquisition of three private banks and GAM, a Swiss asset management firm, in 2005, Collardi joined the bank as COO in 2006. According to "Global Custodian", he played a pivotal role in merging these entities and positioning Julius Baer as a prominent global wealth management institution. In 2008, he was recognized as the top rising star under 40 by Wealth Bulletin. After CEO Alex Widmer’s passing in 2009, Collardi became the youngest CEO in the bank’s history.
His leadership was described by The Wall Street Journal as marked by "an aggressive, acquisitive expansion". By the close of 2009, assets under management reached 150 billion Swiss francs, predominantly (80%) held within Switzerland. This figure more than doubled to 393 billion Swiss francs by October 2017. The acquisition of Merrill Lynch’s international wealth division in 2013 represented the largest boost to AUM. Strategic diversification into emerging markets was evident: by 2013, over three-quarters of net new inflows originated from regions such as Asia and the Middle East. Further acquisitions included Bank Leumi’s Swiss and Luxembourg operations in 2014 and Commerzbank’s Luxembourg unit along with a controlling interest in Italian asset manager Kairos in 2016.
In pursuit of expanding its footprint in Asia, Julius Baer recruited Jimmy Lee from Credit Suisse in 2015 to spearhead growth efforts there, aiming to establish Asia as the bank’s "second home market". Collardi anticipated that private banks would either focus on one or two core markets, integrate into comprehensive financial institutions offering full banking services, or reach sufficient scale as international pure-play private banks—this formed the basis of his strategic vision. While acquisitions drove expansion, he also emphasized organic growth through direct hiring and client acquisition.
Learning from competitors’ unsuccessful attempts to penetrate Asia, Collardi concentrated on balancing costs, investments, and revenue enhancement, managing expenses prudently each year. He underscored the importance of long-term leadership stability to foster client confidence and prevent disruptions to strategic direction. The bank was structured into five distinct markets—Switzerland, Europe, Asia, Latin America, and emerging markets—with autonomous leadership teams tailored to regional requirements.
Despite its growth ambitions, Collardi maintained strict risk controls when considering acquisitions, comparing them metaphorically to potential atomic bombs. By 2016, Julius Baer planned substantial technology investments focused on creating a unified digital IT platform for global deployment. He acknowledged the bank had lagged behind peers technologically but expressed optimism about blockchain's ability to improve transactional services such as international fund transfers and securities trading. By 2018, Luxembourg and Asian operations had transitioned onto the new platform, with full implementation anticipated by 2020.
Collardi foresaw value creation shifting away from transaction processing—which would become commoditized with low margins—toward advisory services emphasizing personalized client interaction and bespoke guidance. At the time of his departure, Julius Baer’s price-to-book ratio was approximately twice that of local competitors UBS and Credit Suisse.
Resignation
On 27 November 2017, Julius Baer revealed the immediate departure of CEO Boris Collardi, who left to join direct rival The Pictet Group as a partner. Bernhard Hodler, formerly Chief Risk Officer, assumed the CEO role while the bank commenced a review to identify long-term leadership options. Earlier in September 2017, Oliver Bartholet from UBS had been named Chief Risk Officer effective April 2018, coinciding with Hodler’s promotion to deputy CEO. Speculation suggested Hodler was being groomed to succeed Chairman Daniel Sauter, who was subject to a 12-year term limit ending in 2019. At the shareholders’ meeting in April 2018, Sauter officially endorsed Hodler as a future leader for the institution.
Despite Chairman Sauter’s confidence in the bank’s stability, market analysts and media outlets perceived Hodler’s decisive leadership and Collardi’s sudden exit as potential threats to Julius Baer’s stock valuation and medium-term results. Major investor Harris Associates publicly expressed dissatisfaction. Following the announcement, shares declined by 4.2%. Industry insiders remarked that although Collardi’s exit was unforeseen, it was consistent with his ambitious nature and the fact that he had largely accomplished his goals since taking charge in 2009.
In 2021, Swiss financial regulator FINMA issued a reprimand to Collardi linked to a money laundering investigation, casting a shadow over his transition to Pictet & Cie.
Pictet
At Pictet, Collardi joined as a partner alongside Nicolas Pictet, Renaud de Planta, Rémy Best, Marc Pictet, Bertrand Demole, and Laurent Ramsey, collectively overseeing the bank's global wealth management operations. He became the first external partner appointed in nearly two decades and one of only 42 ever chosen. Although smaller in size, Pictet’s assets under management totalled 492 billion Swiss francs—surpassing those of his former employer. Collardi indicated that his motivation for joining was a desire to operate more like an entrepreneur than an employee. Due to Pictet's legal framework, his remuneration details remain confidential; however, his move from Julius Baer involved a considerable reduction in pay, including no bonus for 2017 and forfeiture of over seven million francs in unvested stock awards.
Pictet recognizes the importance of expanding its footprint in Asia, where its US$36 billion AUM lags behind Julius Baer's US$65 billion. Collardi’s deep experience in Asian markets aligns well with this strategic objective but has fueled speculation about possible client and staff recruitment from Julius Baer. Collardi dismissed such concerns, stressing that ample market opportunities exist for both banks and highlighting the necessity of understanding existing teams before making hiring moves.
Given Pictet's 213-year legacy and preference for internal promotions, appointing an outsider like Collardi raised questions about potential cultural friction due to his extensive network and proactive approach to staffing. Nicolas Pictet viewed Collardi’s arrival as strengthening the bank’s commitment to independence, organic growth, and long-term orientation. Nonetheless, by 2020 media coverage described his tenure at Pictet as generating internal tensions.
In April 2022, roughly eight months after stepping down from Pictet, private bank EFG International announced that Collardi had acquired a 3.6% ownership stake and joined its board of directors.