Julius Baer said to hire nearly 20 bankers from BSI Singapore

SINGAPORE (Nov 23): Swiss private bank Julius Baer Group Ltd. is pushing ahead with a recruitment drive in Asia, hiring close to 20 Singapore-based bankers from BSI SA, the wealth manager caught up in the scandal surrounding 1Malaysia Development Bhd., according to a person familiar with the matter.

The BSI bankers joining Julius Baer specialise in managing the wealth of non-resident Indians, the person said, asking not to be identified because the matter is confidential. The Monetary Authority of Singapore said in May it is withdrawing BSI’s local license following an investigation into its dealings with 1MDB, the Malaysian fund which is at the center of global probes into alleged corruption and money laundering.

A representative from Julius Baer in Hong Kong declined to comment, as did Daniela Haesler, a spokeswoman for EFG International AG in Zurich, the private bank which recently acquired BSI. 1MDB has consistently denied wrongdoing.

---

Related Stories

• UBS-Credit Suisse integration opens up new tech for bigger plans
• UBS looks to rich women after long Australian wealth hiatus
• Barclays to add Singapore as private bank booking centre by 2026

---