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Former HSBC CEO Noel Quinn will join Swiss wealth manager Julius Baer Group as its next chairman in May, pending shareholder approval, according to a company statement on Friday.
The board of directors at Julius Baer will nominate Quinn for election as its new non-executive chairman at the annual general meeting on April 10, replacing Romeo Lacher, who is not seeking re-election.
Quinn, a British banking veteran who turned 63 in January, will assume his new role on May 1 due to prior commitments, according to Julius Baer. The appointment marks his first move since stepping down as HSBC CEO in September, passing the leadership to Georges Elhedery. Quinn spent 37 years at HSBC, including the last five years as its global CEO.
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"It is a real privilege to be nominated to take on the chair role of the largest pure-play wealth manager and one with such a great heritage," Quinn said in the statement.
"Having spent over 37 years in the international financial services sector, I am looking forward to working with the board and management team to capitalise on the many exciting opportunities ahead of us."
Swiss bank Julius Baer is based in Zurich. Photo: AFP alt=Swiss bank Julius Baer is based in Zurich. Photo: AFP>
Zurich-based Julius Baer, which traces its roots back to 1890, managed 480 billion Swiss francs (US$531 billion) worth of assets as of the end of October, according to its financial report. The firm operates in 60 markets worldwide, including key locations in Asia such as Hong Kong, Singapore, Shanghai and Tokyo.
"Quinn's appointment will help Julius Baer tap into the fast-growing Asian market, as he had led HSBC's expansion in the region," said Kenny Ng Lai-yin, a strategist at Everbright Securities International.
"Asia is the fastest-growing area for high-net-worth clients. It is natural to see the Swiss lender join the wave of international financial firms appointing heavyweight bankers like Quinn to leverage the Asian growth story."
While HSBC is based in London, the 160-year-old lender earns most of its revenue in Asia.
"Noel's appointment is a testament to the strength of the Julius Baer franchise; he is an exceptional candidate who brings an international mindset and strong cultural values to the role," said vice-chairman Richard Campbell-Breeden, who serves as interim chairman until April 30.