Julius Baer poaches UBS veteran for new private investment unit

July 10, 2020.

 said Friday that it is creating a new unit for direct private investments for its ultra-wealthy clients, with the new division’s head joining from Switzerland’s largest bank,

The third-largest Swiss bank poached Giuseppe De Filippo, who had been leading the direct investments group and the corporate finance group at UBS. Filippo will be joining the bank in October together with a team of experts, who will offer expertise in structuring, sourcing and distributing transactions, Julius Baer said. 

The bank said the new offerings will serve its “very wealthy and sophisticated private banking clients,” who are looking for investment opportunities in private equity, private debt and other unlisted or illiquid assets.

The unit will be situated in Julius Baer’s markets division and will offer access to private market transactions across all its regions through professionals in its major booking centers, the bank said. 

“I am delighted to announce the hiring of Giuseppe and a team of proven experts to form this newly created unit, Direct Private Investments,” Julius Baer Chief Financial Officer Dieter Enkelmann said.

“With their background, their experience and international network, Giuseppe and the new team are perfectly equipped to successfully roll out these important services, expanding the capabilities of our Markets division and, thus, our relevance for [ultra-high-net-worth] clients,” Enkelmann said. 

Filippo’s departure from UBS comes after the bank announced internally in June that Filippo had been appointed to lead its private markets distribution team for Europe, Middle East, Africa and Switzerland, Bloomberg reported

Prior to his time at UBS, Filippo worked as an associate principal with McKinsey & Company in Zurich, Singapore and Shanghai from 1999 to 2006. 

The new unit follows Julius Baer’s February strategic announcement that the bank planned to invest more in its range of solutions and expertise “to enhance its relevance” for clients and “capture new market opportunities.” 

“Direct investments are one of the fastest growing asset classes for [ultra-high-net-worth] clients and family offices seeking diversification, asymmetric returns, and to tap into emerging megatrends,” the bank said Friday.