Boris Collardi, the partner at Pictet who has a mandate from the Geneva bank to make major inroads into private banking, has swooped for his first team – and it is from his old employer Julius Baer.

Eight executives specialising in the Middle East are moving to Pictet, headed by the Baer Middle East and Africa head Daniel Savary. Pictet confirmed that the banker will become its head of wealth management for the Middle East.  In addition, Saman Habibian, a managing director, has also resigned from Baer along with six other advisers.

This staff raid will prove controversial in Geneva and Zurich, particularly as sen...