UK - Christian Yates, the chief executive of the London operations of Swiss asset manager Julius Baer has left the company.

Yates’ move follows the departure in September of Veit Schuhen, Baer’s overall head of asset management.

Edward Dove has taken over as chief investment officer of Julius Baer’s London operations in what he called a return to the old CIO type of role – managing assets and clients.

Explaining the reason for Yates’ departure, Dove said that effectively the kind of role that Yates had wished to play at Baer was no longer part of the company’s London structure.

“Christian wanted to be the entrepreneurial type of CEO but that kind of role really ceased to exist as a result of a restructuring exercise that happened here earlier this year.”

“His position no longer fitted in with the structure of Julius Baer’s operations in London.”

Dove says he believes that Yates may look to re-enter the asset management business by moving into the more autonomous hedge fund arena.

At the end of 2002 Julius Baer Asset Management had 50 billion Swiss francs under management.