Julius Baer has obtained regulatory approvals to expand into the Italian onshore space and establish a dedicated branch in Milan.
Anticipated to open in the first half of this year, the new branch will have a dedicated local team. It will cater to regional ultra-high and high net worth clients and family offices.
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The branch is part of Bank Julius Baer Europe in Luxembourg, which has footprint in Dublin, Madrid, and Barcelona.
Roberto Coletta will serve as the head of the new Italian branch, having joined the firm from Deutsche Bank in September 2024.
In the new role, he will operate out of Milan and report to Bank Julius Baer Europe CEO Falk Fischer.
Coletta previously led Private Bank Italy at Deutsche Bank and prior to that, worked for six years at Credit Suisse as head of UHNWI market area Italy.
Julius Baer Switzerland and Europe head Sonia Goessi said: “We are excited to enter the Italian onshore market with an own local presence. This move reinforces our commitment to serving Italian clients and strengthens our position as a leading wealth manager in Europe.
“Roberto Coletta’s long-standing track record and experience will be instrumental for the set-up and the successful start of the new branch.
“We look very much forward to enter this promising market with an own local presence and continue to build on the successes of our other European branches.”
Last month, Julius Baer announced 400 job cuts, representing around 5% of its workforce, as part of a cost-cutting initiative led by new CEO Stefan Bollinger.
