Julius Baer Hires Private Bankers From BSI in Singapore
- Staff said to specialize in non-resident Indian clients
- Singapore withdrew BSI’s local licence in May for 1MDB links
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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 specialize 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.