Julius Baer is to separate its private banking and asset management arms into two distinct business units, both listed separately on the Swiss stock exchange.
Julius Baer is to separate its private banking and asset management arms into two distinct business units, both listed separately on the Swiss stock exchange.
Julius Baer Group Ltd will focus purely on private banking, while GAM Holding Ltd will be an independent asset manager, comprising GAM, Artio Global Investors and Julius Baer Asset Management Europe.
Baer says the move is aimed at enhancing both businesses’ ability to deliver an ‘increasingly distinct business and expansion strategy.’The Swiss bank moved quickly to say the transaction, expected to be completed in the third quarter, and subject to approval at an EGM on 30 June, is not expected to lead to any redundancies.
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Performance at the two businesses has increasingly diverged over the past 12 months, and Baer is now seeking to separate out its pure-play, conservative private banking activities from the riskier asset management and hedge fund business.
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