Swiss private bank Julius Baer is to double
staff numbers in Asia in an attempt to deepen its market
penetration in the region.
Boris Collardi, chief executive of the
120-year old bank, said growth in emerging markets will help the
“investment universe” get richer and will relentlessly improve” its
client-centric business model.
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It is planning a Hong Kong booking office by
the end of 2010, as well as a representative office in Shanghai and
a trust company in Singapore by next year.
Singapore and Hong Kong were identified as key
gateways to the bank’s increased presence in Asia, where the bank
employs 400 people accounting for 10% of its total staff.
Collardi told Bloomberg it expects to double
the number of staff in the region as it taps an “increasingly
important” market for expansion.
Julius Baer attracted CHF3.3m in net new money
in the first six months of 2010, 20% up on the year-ago
period.
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By GlobalDataTotal assets under management rose 14.9% to
CHF166.1m.
Asia-Pacific has become a central focus for
many private banking institutions including BNP Paribas, which
elevated Asia-Pacific to one of its five key zones, and Société
Générale (SocGen).
SocGen appointed Olivier Gougeon as chief
executive of South Asia as it looks to Asia as a potential hotspot
for expansion.
