The group manages assets for private clients from all over the world. The firm's services consist mainly of wealth management and investmentconsultancy. The bank provides products via its open architecture platform as well as securities and foreign exchange trading. The shares of the Julius Baer Group are listed on the SIX Swiss Exchange and form part of the Swiss Market Index (SMI) of the 20 largest and most liquid Swiss stocks.
Boris F.J. Collardi, CEO, Julius Baer Group; Li Dongrong, Assistant Governor, People's Bank of China at the Horasis Global China Business Meeting 2010
Julius Bär Group Ltd. is a Swiss private banking group which is the parent company of Bank Julius Baer, a traditional private bank based in Zurich, Switzerland. The firm dates itself back to 1890 [2] when an exchange office was founded by Ludwig Hirschhorn and Theodor Grob. Joseph Michael Uhl and Julius Bär joined in 1896, when Theodor Grob left. In 1901, Julius Bär acquired the bank and remained as partner until 1922. Hans E. Mayenfisch joined the bank on July 1, 1913 as partner and was active until 1947. The sons of Julius Bär became partners as follows:[3] Walter Bär on October 1, 1913 until 1947, Werner Bär in 1921 until his death on February 2, 1960 and Richard Bär, who was a physicist became a silent partner in 1922. After his death in 1940 he was succeeded by his widow Ellen Bär. The members of the 3rd generation became active in the bank with Hans Bär on August 21, 1947 until 1996, last as chairman of the board of Julius Baer Holding Ltd, Nicolas Bär on September 22, 1951 until March 1993, last as Chairman of Bank Julius Baer & Co.Ltd, Peter Bär on November 1, 1955 until his death on November 11, 1998 last as member of the board of Julius Baer Holding Ltd., and Rudolf Bär 1969 until 2005, last as member of the board of Julius Baer Holding Ltd. Hans Bär was succeeded as Chairman by Thomas Bär 1996 until 2003. On July 4, 1970 Dr. Ernst Bieri, former head of the finance department of the City of Zurich joined as outside partner until 1990 last as member of the board of Julius Baer Holding Ltd.
The 4th generation was involved with the leadership of the bank with Raymond Bär[4] from 1988 until 2012, last as Chairman of the board of Julius Baer Holding Ltd. Michael Bär joined the bank in 1992 and was active in various senior operating functions, last as a member of the group executive committee until 2005. As representatives of the family shareholders Mark Bär (1999–2005), Andreas Bär (2003–2005) and Beatrice Speiser-Bär (2003–2009) were members of the board of Julius Baer Holding Ltd.[5]
Julius Baer originally operated as a partnership and was incorporated on November 27, 1974 with a share capital of CHF 14.040 mio, divided into 56‘400 registered shares of CHF 100 each and 16‘800 bearer shares of CHF 500 each. The company went public in 1980. The Baer Families relinquished control in 2005 converting the share capital into a single class of registered shares all quoted at the SIX Swiss Exchange.[6]
According to the Scorpio Partnership Global Private Banking Benchmark 2014[7] the bank had 282.5 USD Bn in assets under management, a 40.7% increase in the 2013 figure.[7]
In September 2005, Julius Bär acquired the independent private banks Ferrier Lullin, Ehinger & Armand von Ernst, Banco di Lugano, and the asset management house Global Asset Management (GAM) from the Swiss banking giant UBS AG, to become one of the largest independent wealth management firms in Switzerland.[8] UBS acquired almost 21% of Baer's shares as part of the deal,[8] but sold off its stake in May 2007 to fund a share buyback.[9] GAM was demerged as a separate company in October 2009.[10] The companies of the group are consolidated within Julius Bär Gruppe AG, whose shares are listed on the SIX Swiss Exchange.
In November 2012, Julius Baer and Milan-based Kairos Investment Management SpA (‘Kairos’) announced that they had reached an agreement for a cooperation to jointly create a leading onshore wealth management player in Italy. Julius Baer’s Italian SIM was integrated into Kairos and, simultaneously, Julius Baer acquired 19.9% of Kairos. All Italian wealth management activities of the two groups run under the name Kairos Julius Baer.[11]
Julius Baer acquired Merrill Lynch’s International Wealth Management business (IWM), based outside the US, in August 2012, for 860 million Swiss francs ($884.8 million). The deal grew Julius Baer's assets under management by 40%, raising the AuM to 251 billion francs ($258.2 billion).[12]
In July 2014, Julius Baer announced that it had purchased the private banking assets of Israeli Bank Leumi.[13]
Global Asset Management (GAM) is an independent asset management business borne out of the separation of Julius Baer in September 2009 and is listed on the SIX Swiss Exchange, with a global presence, employing over 1,000 staff in 11 countries.
GAM Holding AG comprises the distinct but complementary businesses GAM and Swiss & Global Asset Management. GAM Holding AG offers a diversified range of investment products and services to institutions, intermediaries, private clients and charities.
In February 2008, Bank Julius Baer filed a lawsuit (Bank Julius Baer v. WikiLeaks) against WikiLeaks in a federal court in California and obtained a permanent injunction disabling the website wikileaks.org, which was subsequently overturned as a violation of freedom of speech.
Alex Widmer, the chief executive of Bank Julius Baer, died suddenly on December 4, 2008. News reports cited sources indicating the death was a suicide.[14] Hans de Gier, the former chief of Julius Baer Group, assumed Widmer's responsibilities for the interim.[14]
In May 2009, Boris F. J. Collardi assumed the role as CEO for the Julius Baer Group Ltd. and Bank Julius Baer & Co. Ltd.
On January 16, 2011, former Julius Baer employee Rudolf Elmer announced that he would be handing over to WikiLeaks bank account details of individuals and corporations holding offshore accounts that indicates corruption inside the bank such as massive tax evasion.[15]
In February 2016, Julius Baer reached a $547 million settlement with the United States Department of Justice to avoid prosecution related to investigations of aiding US citizens in committing tax evasion.[16]
^ abJulius Baer Group Business Review 2013 as at 3 February 2014
^1890-1990 Eine Familie und ihre Bank, 1990 Bank Julius Bär, Zurich
^"Hans J. Baer, It's not all about money, Memoirs of a private banker, Beaufort Books, New York, 2008, Prominent members of the Baer Families, Biographical Sketches"
Union Bank of Switzerland (UBS) was a Swiss investment bank and financial services company located in Switzerland. The bank, which at the time was the second largest bank in Switzerland, merged with Swiss Bank Corporation in 1998, to become UBS to form what was then the largest bank in Europe and the second largest bank in the World.
Banking in Switzerland
Banking in Switzerland began in the early 18th century through Switzerland's merchant trade and has, over the centuries, grown into a complex, regulated, and international industry. Along with the Swiss Alps, Swiss chocolate, watchmaking and mountaineering, banking is seen as emblematic of Switzerland. Switzerland has a long, kindred history of banking secrecy and client confidentiality reaching back to the early 1700s. Started as a way to protect wealthy European banking interests, Swiss banking secrecy was codified in 1934 with the passage of the landmark federal law, the Federal Act on Banks and Savings Banks.
Swiss Life
The Swiss Life Group is the largest life insurance company of Switzerland and one of Europe’s leading comprehensive life and pensions and financial solutions providers, with approximately CHF 224 bn of assets under management. Founded in 1867 in Zurich as the Schweizerische Lebensversicherungs und Rentenanstalt cooperative, the company entered the Swiss stock market in 1997 and adopted its current name in 2002. In 2017 the group declared a premium income of CHF 18.6 bn, a 6% increase over the previous year. Net profit increased by 9% to CHF 1013 million. Swiss Life is one of the twenty companies listed under the Swiss Market Index, as SLHN.
GAM (company)
GAM Investments is an independent, pure play asset management group headquartered in Zurich. The Group sells to a wide range of client segments such as institutions, wholesale intermediaries, financial advisers, and private investors.
The Group’s investment management business is complemented by a private labelling unit which provides outsourcing for third-party asset managers.
UBS
UBS Group AG is a Swiss multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centers as the largest Swiss banking institution in the world. UBS client services are known for their strict bank–client confidentiality and culture of banking secrecy. The bank's large positions in the Americas, EMEA, and Asia Pacific markets make it a systemically important financial institution within the European Union, and to a lesser extent, the broader economy of Europe.
Bank in Winterthur
The Bank in Winterthur is one of the original predecessor banks to the Union Bank of Switzerland and ultimately UBS. Established in 1862, the bank merged with Toggenburger Bank in 1912 to form the Union Bank of Switzerland.
Bank Lombard Odier & Co
Founded in 1796, Lombard Odier is one of the largest private banks in Switzerland and Europe. The Lombard Odier Group is an independent banking group offering wealth and asset management services to private and institutional clients. Headquartered in Geneva, it has 27 offices in 20 jurisdictions and employs some 2,400 people. As at 1 January 2019, the Group had six Managing Partners: Patrick Odier, Senior Managing Partner, Christophe Hentsch, Hubert Keller, Frédéric Rochat, Denis Pittet and Annika Falkengren.
VZ Holding
VZ Group is a Swiss financial services provider headquartered in Zurich. VZ Holding Ltd has been listed on the SIX Swiss Exchange since March 2007. The group employs around 1,000 people and managed customer assets amounting to 22.6 billion Swiss francs on 30 June 2018.
VP Bank AG
VP Bank AG is a Liechtenstein-based private bank headquartered in Vaduz. It was founded in 1956 by Princely Councillor of Commerce Guido Feger and today is one of the largest banks in Liechtenstein.
