(Bloomberg) -- Pictet & Cie abruptly parted ways with partner Boris Collardi, ending a tumultuous tenure marked by strained relations with the firm’s top leadership and regulators.

The move was decided “following careful consideration, including discussions with the Board of Partners,” and will be effective Sept. 1, Pictet said in a statement on Wednesday. It didn’t give further details on the reasons for the resignation of Collardi, 47, co-head of wealth management. 

The departure follows a reprimand earlier this year by Switzerland’s financial regulator over a money laundering probe during Collardi’s time at Julius Baer Group Ltd. that cast a shadow over his move to Pictet. He had also been at the center of a culture clash within the firm.

As Baer CEO, Collardi led a period of breakneck expansion through nearly a dozen acquisitions and joint ventures. That later sparked investigations into how well the bank vetted its clients and monitored their business activities. 

After his surprise exit from Baer, he became the first outsider in almost two decades to join Pictet as a partner. Employing a tried and tested growth formula, he cast a wide net for personnel, recruiting staff from his former employers from Miami to Hong Kong and vowing to become one of the top 10 private banks in Asia.

“We are grateful for the significant contribution that Boris has made to Pictet over the years since he joined us,” the bank said in the statement. “We will miss him and we wish him all the best for the future.” 

The investigations had troubled some at Pictet. Partners discussed potential damage to the firm’s brand related to Collardi’s time at Baer, people with knowledge of the matter told Bloomberg in March, shortly after the Swiss regulator began its investigation.

Read More: Ex-Julius Baer CEO Collardi Reprimanded in Laundering Probe 

Collardi stood out at the bank with a more bonvivant style and focus on targets than other executives were used to. He was also one of the youngest people in recent history to hold the title of partner, a role that has an average tenure of 20 years. 

A Pictet partnership is a coveted spot in Swiss private banking, as a person with that role often earns 20 million Swiss francs ($22 million) a year as the partners share in the retained profits of the bank. Each time a partner joins, he or she is required to purchase a substantial stake in the company. To finance the transaction, existing partners provide a loan to their newest member, who pays them back over time. Once a partner leaves his or her share of the company is sold to existing partners and cannot be transferred to an offspring.

In the case of Collardi, who is now leaving early, the partners would potentially need to buy his stake. With tenures normally so long, collegial harmony is critical for the managing team that makes every decision via consensus. Historically, the bank would aim to appoint new partners every five or 10 years, but since 2016 it has accelerated the nomination of new partners to every two years.

In June, Pictet promoted a woman to its top management body for the first time in its 216-year history. Elif Aktug, a fund manager at the bank’s asset management arm and part of a broader leadership group, was named partner alongside founding-family-member Francois Pictet.

(Updates with further details throughout)

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