ZURICH Dec 9 Swiss private bank Julius Baer
is looking for a new head of its Latin America business
to replace Gustavo Raitzin, two sources familiar with the matter
Raitzin is aware of the process to find his replacement, the
people said. Approaching 60 years of age and having led
Zurich-based Baer's Latin America business since 2005, Raitzin
wants a change, according to one of the people.
This is part of the bank's succession planning and does not
mean there will be an immediate replacement, the other person
The bank has mandated a recruitment firm for the search.
Private banking in Latin America has been hit by several
countries in the region offering a tax amnesty to the wealthy in
return for declaring their offshore holdings, resulting in
withdrawals from banks.
In its half-year report published in July Baer said it wants
to expand its business in Latin America and that, despite some
tough financial markets and political uncertainties, it saw
"significant growth potential" in much of the region.
In recent years Baer has grown through a string of
purchases, the largest of which was a deal to acquire Merrill
Lynch's international private banking business, to catch up to
larger rivals UBS and Credit Suisse.
But aside from some smaller deals, Baer this year has
largely focused on hiring relationship managers, or private
bankers, from peers.
At the end of the first half of 2016 Baer had total assets
under management of 311 billion Swiss francs ($306.2 billion).
($1 = 1.0156 Swiss francs)
(Reporting by Joshua Franklin; Editing by Greg Mahlich)