Strategy
Julius Baer Reiterates Asia Growth Ambitions
Swiss private banking group Julius Baer, which has already pushed to establish a footprint in the Asia management market, said it intends to significantly expand its presence on a number of fronts.
The bank said it plans to upgrade its Hong Kong presence to a booking centre before the end of this year, to open a representative office in Shanghai, China, and a trust company in Singapore next year, upon application and regulatory approvals.
The plans were announced by its top management when Julius Baer convened a board of directors meeting for the first time in Singapore to signify the importance of Asia, the firm said in a statement. Julius Baer is marking its 120th anniversary.
“Wealth used to be concentrated in several designated wealth centres. Today, growth in emerging markets will help the world develop higher living standards and to broaden wealth distribution, with the investment universe getting richer in the process,” said Raymond Baer, group chairman, as quoted at a gala dinner event in the statement.
Boris Collardi, Julius Baer’s chief executive, said: “Our meetings with many different stakeholders in Asia further affirm that Julius Baer is the private bank of choice. As the largest Swiss private banking group, Julius Baer will be the catalyst to bring European know-how and investment expertise to Asia and bring Asian investment opportunities to Europe.”
Julius Baer has been making a number of expansionary moves for Asia. In May this year, it made several senior appointments within its Asian private banking and products teams. Vincent Lim Chuan Hoo, previously the country market manager for Singapore and Malaysia at Société Générale, was named team head for private banking South East Asia. Evelyn Yeo, who joins the firm from Deutsche Bank where she was vice president, investment consultant for private wealth management, was made head of investment advisory services for Bank Julius Baer. Nine other appointments were made, including specialists for the firm's treasury, capital markets, structure products and investment advisory units.