Shareholders of
Julius Baer yesterday voted in favour of splitting the Swiss firm’s private banking and asset management businesses into two fully separately listed businesses, as had been previously proposed.

After the change has taken place, due to be completed in the third quarter of this year, Julius Baer Group will focus on private banking services while GAM Holding will concentrate on active asset management.

“This move will substantially increase the two companies' strategic flexibility and enhance their market visibility. The transaction is expected to be completed during the third quarter 2009, subject to regulatory approvals,” according to a statement from Julius Baer.

The move comes at a time when banking and investment management firms have been restructuring their businesses in the wake of the credit crunch.