JULIUS Baer Group sees Asia as its fastest growing region, and expects to benefit from inflows after the merger of rivals UBS Group and Credit Suisse Group, according to its Asia-Pacific head.
“The highest growth rate is in Asia,” said Jimmy Lee, member of the executive board and head of Asia Pacific, at a briefing in Hong Kong where the firm is opening a new office at Two Taikoo Place.
Asia accounts for a quarter of the Swiss wealth bank’s global business, and it employs more than 500 people serving clients across Greater China. Julius Baer joins others including HSBC Holdings and Citigroup in ramping up private wealth operations in the region.
“We are definitely going to grow,” said Lee. “Not only will we hire people from outside, we will also grow our own young, talented relationship managers.”
Lee expects Julius Baer, along with other banks, to benefit as clients may want to diversify if they held large accounts with both Credit Suisse and UBS.
“Typical Asian customers have about five banks on average,” said Lee. “Now they are combined they may look to diversify away from this large institution.”
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However, Lee who previously worked at Credit Suisse, said there’s no “targeted approach” and no concentrated hires from any bank.
Rival banks have been poaching staff from the embattled Swiss bank, which saw clients pull US$4.4 billion from US and European funds since the UBS deal. BLOOMBERG
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