Julius Baer is expanding its consultancy services in its native market of Switzerland.
Stéphane Python, a former Credit Suisse employee who has joined Julius Baer, is the team’s head.
For more than 34 years, he worked in Western Switzerland and Zurich, holding a variety of management posts, most notably head of HNWI Küsnacht.
On August 1, Urs Schatt and Daniel Bay also began working with the new group.
Additionally, they were both employed by Credit Suisse, where they each spent more than ten years, most recently working as client advisers for private banking in Baden/Aargau.
Under the direction of Claude Lüthi, the bank was already operating a new sub-market in Aargau and Solothurn by the start of 2023.
Following Julius Baer’s strategic announcement to consistently hire and educate front-office workers, it has taken these expansion measures in the Swiss market.
The bank has added more key items since the year’s commencement in a number of places and regions around Switzerland.
Last month, IFRS net profit for Julius Baer grew 18% year-on-year in H1 2023 to hit CHF532m ($615m).
Furthermore, adjusted net profit in H1 2023 for Julius Baer was CHF541m, a rise of 14% year-on-year.
In addition, assets under management (AuM) totalled CHF441bn, a year-to-date increase of 4% or CHF17bn. This was supported by net new money of CHF7.1bn.
However, the increase was mainly attributed to net positive developments in global equity and bond markets, as well as the net new money inflows.
This was partially offset but a net negative currency impact resulting mainly from the strengthening of the Swiss franc against the US dollar and the euro.