SWITZERLAND - Julius Baer Group saw assets under management grow to CHF304bn (e195bn) in 2005, with CHF182bn coming from the asset management division.
The total assets at year-end were up 124.8% on the previous year, where assets totalled CHF135.4bn.
Net new money inflow from asset management over the year totalled CHF17.6bn.
Julius Baer said: “The acquisition of specialised manager GAM from UBS caused assets under management to increase by CHF71bn at the time of purchase.”
In December 2005, Julius Baer paid CHF5.6bn for the purchase of SBC Wealth Management from UBS for CHF3.8bn in cash and a 21.5% stake in Julius Baer, post financing.
In addition, the firm announced in November it had combined its trading & sales and asset management divisions to form a new Markets unit (formerly trading and sales) which will focus more on serving private clients.
A significant portion (130.8bn ) of the asset management increase was attributable to Julius Baer’s newly acquired private banks - Ehinger & Armand von Ernst, Ferrier Lullin and Banco di Lugano - and GAM, with CHF173.6bn attributable to the former Julius Baer Group.
Hans de Gier, President of the Group Executive Board and CEO said integration of the three private banks and GAM had been progressing well.
“We intend to systematically expand the institutional offering and enhance the successful investment fund business under the Julius Baer brand in its core markets,” said David M. Solo, CEO asset management.
By Damian Clarkson
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.