The new hires are based in Monaco and Switzerland, reports Bloomberg, citing unnamed sources familiar with events.
Monaco is one of Julius Baer’s hubs for serving Latin American clients, with further recruitment in the principality a possibility, one source said.
The company announced in July that Albert Henriques had been hired as chief executive of Julius Baer Monaco, replacing Alain Ucari who was promoted to chairman of Bank Julius Baer (Monaco).
Henriques joined Julius Baer from HSBC, where he had been head of private banking in Monaco since 2008.
Julius Baer declined to comment when contacted by International Adviser.
Growth plan
According to the company’s most recent financial results, group net inflows accelerated towards the end of the six months to 30 June 2016, producing annualised returns of 3.7%.
However, this growth was partly offset by slow momentum in Latin America.
Unperturbed, the company is focusing on organic growth and identifying further onshore opportunities in key markets across the region.
“Leveraging our footprint in six countries and benefiting from the continuous increase in brand recognition at local level, we aim to further grow our business activities across Latin America,” the company’s financial results statement said.
“Most of the region continues to offer significant growth potential, with solid wealth creation expected to be driven by further economic expansion. We intend to capture this potential by expanding our presence either organically or by seeking opportunities to develop a strong domestic presence in selected markets.”
