Julius Baer Spain office has strengthened its business by hiring three senior relationship managers (RMs) from UBS.

This is despite Julius Baer having to make cuts in other areas of the business. After the Swiss bank missed profit targets last month it said it was ‘reducing complexity’ in ‘non-core markets’.

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Such non-core markets include Panama and Peru where the bank has already shut offices.

Julius Baer Spain is a core-market

Julius Baer has been continuously increasing headcount in its core markets. In October 2018, the bank appointed 11 relationship managers (RMs) to its wealth team in India.

Earlier this year, it made several new hires to drive growth in the UK.

In Spain the bank the newly appointed RMs are Juan José González Quintana, José Casasayas Moro, and Ignacio Calderón Aguado.

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The trio will assume their new responsibilities on 2 January 2019 and will be based in Madrid.

Quintana will join as team head at Julius Baer. He spent 12 years at UBS in Madrid, with responsibility for a large portfolio of HNWI Spanish clients.

Earlier, he served as the team leader of international private banking covering clients from Central America at Lloyds TSB Bank.

Both Moro and Aguado have worked at UBS for 14 years and 16 years, respectively.

Moro previously worked at Banco BANIF, while Aguado formerly had a stint at SAFEI S.V.B. The pair will serve as senior RMs at Julius Baer.

In their new capacities, the trio will report to Julius Baer head of Iberia domestic Carolina Martinez Caro.

Julius Baer head of Western Europe Carlos Recoder said: “This is an important addition to the Spanish team in Madrid, representing our continuous commitment in Spain as a strategic market of Julius Baer.”