Collardi quit the private bank for Swiss rival Pictet, without a succession plan, leaving Baer bosses to appoint chief risk officer Bernhard Hodler as temporary executive.
An an organisation which prides itself on continuity, discretion and advising ultra-wealthy families on smooth succession plans, Collardi’s departure represented something of a loss of face for Baer.
Pictet and Baer are also understood to be at odds over Collardi’s gardening leave with Pictet hoping for him to turn up to work at the firm’s Geneva offices earlier than mid-2018.
Zeltner is expected to be available to join Baer sometime in 2018 after UBS announced a shake up at executive board level.
UBS board reshuffle
Martin Blessing, currently president of personal and corporate banking and president UBS Switzerland, will take on Zeltner’s role as president wealth management. Blessing was head of Commerzbank, Germany’s second largest bank, before joining UBS in 2016.
Axel Lehmann, currently group chief operating officer, will step into Blessing’s shoes as president of personal and corporate banking and president UBS Switzerland.
Sabine Keller-Busse will take on the role of group chief operating officer from Lehmann, which will be expanded to include the group human resources function.