Bloomberg

(Bloomberg) -- Julius Baer Group Ltd., Switzerland’s third-largest wealth manager, appointed Nic Dreckmann as chief operating officer and reorganized its business to focus on five regional markets.

Dreckmann, who oversaw the three-year integration of Merrill Lynch wealth units acquired from Bank of America Corp. in 2012, starts his new role on Aug. 1, replacing Gregory Gatesman, who will return to the U.S., the Zurich-based company said in a statement on Tuesday.

Julius Baer is reducing the number of regional business units to five from six effective Sept. 1, according to the statement. The groupings will be Switzerland, Europe, emerging markets, Latin America and Asia Pacific.

Barend Fruithof, head of Switzerland and global custody, leaves the company “due to differing views of the functional changes in the context of the new regional set-up,” Julius Baer said.

The company also made the following announcements in the statement:

* Giovanni Flury will retire from the executive board* Philipp Rickenbacher will be head of Advisory Solutions in a unit previously called Investment Solutions* Gian Rossi will lead Switzerland* Yves Robert-Charrue will run Europe, developing strategy for the region from the bank’s European hub in Luxembourg* Remy Bersier will be head of Emerging Markets, covering central and eastern Europe, the Middle East, India, Africa, based in Dubai

To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net. To contact the editors responsible for this story: Neil Callanan at ncallanan@bloomberg.net, Ross Larsen, Simone Meier

©2016 Bloomberg L.P.

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