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Julius Baer said to be hiring private bankers from BSI in Singapore

Swiss bank stepping up hiring of wealth managers in Asia, lured by growing number of the rich in region

Published Tue, Nov 22, 2016 · 09:50 PM
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Singapore

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 licence following an investigation into its dealings with 1MDB, the Malaysian fund which is at the centre of global probes into alleged corruption and money laundering.

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