SWITZERLAND – Veit Schuhen, head of asset management at Julius Baer, has left the firm after only 10 months following “conflicting viewpoints”.
The Swiss group said in a statement that “in view of conflicting viewpoints within the AMF management committee regarding leadership style and management process, the board of directors and Veit Schuhen have amicably agreed that he will leave the Julius Baer Group”.
It added that “the board of directors and the group executive board are standing fully behind the business line strategy, as revised since the beginning of the year, as well as the associated organisational structures and core processes”.
Schuhen joined Julius Baer in December, prior to which he was managing director at J P Morgan Fleming Asset Management. At the time of his appointment there had been significant re-organisation within the Julius Baer group.
The investment funds business and the institutional asset management division had merged, and Peter Spinnler, who headed up the former, had retired. Prior to Schuhen’s appointment, the asset management division was being run by group chief executive officer Walter Knabenhaus on an interim basis. It has been decided that he will replace Schuhen with immediate effect until a formal replacement has been made.
In July, Julius Baer announced it would be withdrawing from institutional brokerage to focus on its asset management business. Half-year results showed the group to have increased its assets under management by seven percent to 114 billion Swiss francs from the December 2002 level.