Strategy
Julius Baer Launches Onshore Private Banking Initiative in Germany
Julius Baer has launched a major onshore private banking business in Germany and plans to open new wealth management offices in Düsseldorf, ...
Julius Baer has launched a major onshore private banking business in Germany and plans to open new wealth management offices in Düsseldorf, Hamburg, Stuttgart and Frankfurt.
"Germany is traditionally the key foreign market for Julius Baer, and we now also aim to strengthen our onshore private banking activities in this country,” said Raymond Baer, chairman of Julius Baer, in a statement.
He added: “We have successfully done business with institutional investors in this market for a number of years and are a well-known provider of Swiss private banking services.”
Julius Baer said the size and importance of the wealth management business in Germany was huge.
“The German market for high net worth private clients is the largest in Europe. At present, there are approximately 750,000 wealthy individuals in Germany with investable assets exceeding half a million euros each," said Gerhard Grebe, member of the board of Bank Julius Baer (Germany).
The liquid assets of the wealthy Germans currently amount to around €550 billion ($651 billion), the bank said in its statement.
The Zurich-based bank, which recently acquired three private banks Ehinger & Armand von Ernst, Ferrier Lullin and Banco di Lugano, as well as GAM in the UK from UBS, said the offices in Frankfurt, Stuttgart, Duesseldorf and Hamburg will in future offer customized investment advice and wealth management solutions to the German private banking clients.
Client servicing will be provided by four relationship managers at each location.
Julius Baer said it has already established a strong presence in Germany through its asset management activities.
"Clients (in Germany) may currently make use of approximately 70 Julius Baer products in the form of public funds, private label funds and absolute return funds as well as hedge fund and certificate solutions," said Alexander Gerstadt, member of the board of Julius Baer (Germany).