Julius Baer has appointed a new head for its investment solutions group after the departure of Burkhard Varnholt. The manager is returning to Credit Suisse, where he is likely to take a leading position in the investment solutions division.

With today's announcement by Julius Baer came the confirmation for what was a market rumor yesterday: Burkhard Varnholt, the co-head of the Investment Solutions Group, is leaving the private bank and is returning to Credit Suisse, where he already worked from 1996 to 2006.

Although not yet confirmed, Varnholt will probably take the position of deputy global chief investment officer, reporting to Michael Strobaek, the global chief investment officer.

Varnholt joined Credit Suisse for a first time in 1996 and was considered one of Oswald J. Gruebel's men. Gruebel was head of private banking at the time.

Bonzon and Varnholt – Together not for Long

With the appointment of Joachim Straehle at Sarasin, Varnholt also joined the Basel-based bank. In 2014 he switched back to Zurich and joined Julius Baer, where again he had a former CS manager as his boss – Boris Collardi. He took the job as head of investments following Hans Lauber.

When Yves Bonzon joined the private bank, the position of Varnholt became a little more shaky, observers say. Bonzon is one of Switzerland's most respected investment experts and has worked at Pictet for several decades. The co-management team of Varnholt and Bonzon wasn't expected to remain for long – and with the departure of Varnholt, this has now become reality.

Appointments at Julius Baer

Julius Baer has replaced Varnholt by appointing Yves Robert-Charrue as head of the Investment Solutions Group with immediate effect, but only ad interim. He will also remain in charge of Intermediaries, the bank said in a statement today.

Following these changes, Bonzon is now in sole charge as chief investment officer of Julius Baer, while also managing the Investment Management unit of the Zurich-based bank.

Robert-Charrue has been at Julius Baer for seven years and has managed the Investment Solutions Group 2010 to 2011.