Andrew Tung, managing director and team leader at Credit Suisse is believed to be leaving for a similar position atJulius Baer. He is understood to be taking with him Mina Yiu, Wilson Lee and one other, according to a report in Asia Private Banker.

Tung has worked at the bank since July 2010, where he moved with a team of three including Wilson Lee and John Mo from Citi Private Bank. He spent two decades at Citi. Tung and his team reported to Alex Ng, the bank's market leader for China.

Julius Baer and Credit Suisse both declined to comment. 

The news comes in the wake of last month's acquisition of 18 staff for Julius Baer's Zurich-based Middle East team from Clariden Leu, the private bank soon to be integrated into Credit Suisse, reported exclusively here. 

The team comprised ten relationship managers and eight support staff, led by Daniel Savary. The team are believed to have a combined $3.3 billion in assets under management between them. 

The bank has in the last six months added around 30 staff through team hires. In November Julius Baer lured a senior team of eight from Switzerland's Bank Sarasin & Cie for its Hong Kong business. A small team also joined from Macquarie Private Wealth when the two banks signed a partnership in October.

Last month the chief executive of Julius Baer, Boris Collardi, told WealthBriefingAsia exclusively that he wants to pursue growth through more team acquisitions this year.

The bank will look to grow its ranks through bolt-on acquisitions focussing on Germany, Italy and Asia, he said.

"We continue to be on the acquisition trail and there are many distressed assets. We are particularly interested in team acquisitions. We are focussing on Europe, including Switzerland, onshore Germany and onshore Italy, and of course our second home market Asia," he told this publication at the time, adding that the uncertain economic climate is throwing up plenty of opportunities to pick up bargains.