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INVESTMENT BANKING | Staff Reporter, Singapore

Swiss bank Julius Baer recruits 20 bankers from 1MDB-linked BSI

They are wealth managers of non-resident Indians.

Bloomberg reports that Swiss private bank Julius Baer Group Ltd. is pushing ahead with a recruitment drive in Asia, hiring close to 20 Singapore-based bankers from BSI SA, the wealth manager caught up in the scandal surrounding 1Malaysia Development Bhd., according to a person familiar with the matter.

The BSI bankers joining Julius Baer specialise in managing the wealth of non-resident Indians, the person said, asking not to be identified because the matter is confidential. Bloomberg adds that the Monetary Authority of Singapore said in May it is withdrawing BSI’s local license following an investigation into its dealings with 1MDB, the Malaysian fund which is at the center of global probes into alleged corruption and money laundering.

Read more here from Bloomberg.

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