Following a reshuffle and several hirings at the top management level, Julius Baer yesterday announced the  creation of an Investment Management division, designed to strengthen the bank's commitment to its customers portfolio performance. The new unit will be put into the hands of someone, who originally wanted to join BSI.

Zurich-based Julius Baer hired Yves Henri Bonzon to take charge of the new Investment Management division, it said in a statement on Monday. Bonzon will start on February 1st, 2016 and become member of the executive board.

Bonzon will report to Julius Baer Chief Executive Boris Collardi. The new division will complement the existing Investment Solutions Group (ISG), headed by Burkhard Varnholt. Bonzon and Varnholt will be Co-CIOs.

Stunning the Banking World

The new top manager at Julius Baer made his name as investment management professional at Pictet, the Geneva-based private bank, which he joined in 1989. He rose to become chief investment officer of the Wealth Management division, in charge of more than 100 bankers. Since 1998 he chaired Pictet’s investment committee.

Bonzon stunned the banking world in July of 2015, when he announced his departure from Pictet to join BSI, the Swiss private-banking unit of Brazil's BTG Pactual. Bonzon was supposed to become a partner at the bank, based in the Italian-speaking part of Switzerland after finishing his job at Pictet in December.

BSI Still Unresolved

The about-turn of Bonzon may be due to the unresolved future of BSI. BTG Pactual is reportedly looking for a buyer of its Swiss unit after becoming embroiled in a corruption scandal in the latter part of last year.