Of Special Interest


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18th October 2011

Julius Baer / Macquarie strategic alliance

Julius Bär and Macquarie announced a strategic alliance including the transfer of Macquarie's Private Wealth business to Julius Bär. The business transferred has AUM of approximately US$1bn and offices in Singapore and Hong Kong. Julius Bär currently has a representative office in Shanghai.

Boris F.J. Collardi, CEO Julius Baer, commented on the cooperation with Macquarie: "We are very pleased to enter into a cooperation with this leading global financial institution in Asia. This is another important step to expand Julius Baer’s footprint in the world's most important growth region, underlining our commitment to Asia as our second home market. I am convinced that the cooperation will be highly beneficial for both partners and our clients."

Nicholas Moore, CEO Macquarie Group, added: "We are delighted that our two organisations will have the opportunity to work together in Asia and we look forward to a productive relationship in the region as we combine our resources and expertise. We believe Macquarie's deep specialist expertise in the Asia-Pacific region, developed over 42 years, will be of particular benefit to both parties."

Asia Pacific region is second only to North America in size of the wealth management market. The tax agreements forced upon Switzerland by the US and several European countries plus the forthcoming Basel III rules are squeezing many Swiss private banks. For the larger sized Swiss private banks expansion in the Asia-Pac region is the solution of choice. Agreements such as this one are extremely important in the very crowded Asia-Pac wealth market.