Peter Gerlach, Julius Baer’s head of markets division, has stepped down from his role, effective 1 July 2019.

Mr Gerlach, who has been in his role for 14 years and with the bank for more than 30, remains with the firm and will now focus on developing new wealth management business models for the group, reporting directly to chief executive Bernhard Hodler.

He will be replaced by Luigi Vignola, who is currently global head of structured products. Mr Vignola will also join the executive board.

Mr Vignola joined the bank’s structured products area in 2009, before moving to Singapore in 2012 to lead the Asian ...