(Bloomberg) -- Julius Baer Group Ltd. hired Axel Hoffmans as chief executive officer for its German entity, replacing Heiko Schlag, who is stepping down at the end of the year after more than a decade in the role.

Hoffmans joins from HSBC Holdings Plc, where he was head of private banking for Germany, Julius Baer said in a statement on Friday. Also joining from HSBC, Stefan Spieler will assume responsibility for Baer’s strategic business development in Germany, working alongside Hoffmans. 

Baer’s German unit reported a record profit last year, a bright spot for the Swiss lender that’s seeking to move beyond the turmoil caused by the collapse of Rene Benko’s property and retail empire Signa. The Swiss wealth manager is still looking for a new group CEO following the departure of Philipp Rickenbacher in the wake of the Signa scandal, which left Baer with 586 million francs ($652 million) in losses.

Deputy CEO Nic Dreckmann took over the top job until a permanent appointment is made.

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