Julius Baer shines the spotlight on Asia

JULIUS Baer has positioned itself for continued growth in Asia, with Singapore a key nexus for the bank's innovation in investment and wealth management. Asia accounts for about a quarter of Julius Baer's total assets under management and global workforce. In 2021, the group reported record annual profits, with strong contributions from key markets including Singapore, Greater China, Japan and India.

"Housing 25 per cent of our global workforce, we view Asia as our second home market where we are one of the largest wealth management providers. Given our large footprint and with a group executive board member sitting in Singapore, the region's strategic importance is clear for Julius Baer," says Jimmy Lee, Julius Baer's head of Asia-Pacific and member of the group executive board.

Amidst the pandemic, the bank has seen an unprecedented growth in discretionary mandates, with clients seeking world-class investment managers to help them navigate the maze of growing complexity, fragmented markets and low interest rates to reach their financial goals.

Wealthy individuals entrusted Julius Baer with 20 billion Swiss francs (S$29 billion) last year, contributing to assets under management rising by 11 per cent to 482 billion Swiss francs. Net profit was up 55 per cent to 1.08 billion Swiss francs, buoyed by higher advisory and management fees.

Julius Baer was named Best Private Bank South Asia for the first time by Asian Private Banker in a category of Asean countries, also winning Best Private Bank Global Indians for the second consecutive year at the Asian Private Banker Awards for Distinction 2021.

Wealth manager of choice among the affluent in Singapore

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Julius Baer's Global Wealth and Lifestyle Report found that Asia houses the largest number of high and ultra-high net worth individuals (UHNWI) globally, outpacing all other regions in wealth generation for these clients.

Singapore's status as a gateway to Asia for the world's wealthy families is growing. The country's Economic Development Board suggests that as of 2020, about 400 family offices have been established in Singapore. Industry research estimates that each single family office typically manages assets in excess of US$100 million.

"Singapore is a key international banking centre for Julius Baer and one of the world's most innovative cities. So it is no coincidence that we have chosen here to establish our first innovation lab, Launchpad, aimed at generating exciting new initiatives for our business and clients in Asia and beyond," says Jason Moo, head of private banking for South-east Asia and branch manager in Singapore.

The changing priorities of wealthy individuals in Asia means more advice is sought on topics like sustainability, philanthropy and building a legacy. The pandemic has also encouraged clients to more deeply consider their plans for future generations, which has led to deeper discussions on wealth structuring and family governance.

As families are increasingly planning for inter-generational transfer of wealth, Julius Baer has made their Single Family Office structure in Singapore an important component of their wealth planning capabilities for Asia. "From humble beginnings in 1890 to a flourishing family business for more than a hundred years thereafter, Julius Baer has since evolved into the global reference in wealth management that we are today. But 'family' remains firmly in our DNA," says Rajesh Manwani, head of markets and wealth management solutions in Asia-Pacific.

With a global network of internal and external specialists and a range of sophisticated wealth planning solutions, family offices like Julius Baer's offer bespoke roadmaps for governance to grow and protect family wealth, manage life's challenges, and provide a family network to exchange ideas.

Next Generation investment philosophy

Julius Baer differentiates itself for the next generation of clients as a farsighted pure-play wealth manager, and by maintaining a diverse and experienced workforce and high client satisfaction. The bank's significant large size provides scale to compete internationally and personalises independent service for private clients.

Via its Next Generation investment philosophy, Julius Baer seeks to understand the structural economic and social shifts caused by megatrends, translating them into tangible investment themes for clients.

One such theme is digital health. Digital technologies are transforming the healthcare industry by controlling the rising cost of an ageing population, and medical breakthroughs in the field of genomics will continue to help with some 6,000 known untreatable diseases. Julius Baer sees growth in gene therapies and contract research organisations involved in genetic testing and research, while recognising the potential risks in ethical and privacy regulations.

Innovating for the changing client

Julius Baer is adapting to the changing client needs via digital innovation. Last year, the bank unveiled solutions like the BJB chat platform, which integrates WhatsApp and WeChat for clients to securely chat and place orders with relationship managers.

One of the first wealth managers to introduce a guided digital onboarding solution for prospective clients via a complete video identification service in Switzerland, Julius Baer continues to expand and upgrade its electronic banking infrastructure to increase direct communication capabilities with clients in Asia.

Staying digitally enabled offers more agility in regulatory and competitive environments. Through the bank's mobile banking app, Julius Baer Mobile, clients booked in Singapore and Hong Kong can trade securities in near real-time across over 30 major exchanges.

A new proprietary Digital Advisory Suite was also launched for Julius Baer's relationship managers, providing holistic overviews of client objectives to identify opportunities of engagement by screening the bank's investment universe and making recommendations that meet all regulatory requirements. Julius Baer won the Front Office award at the WealthTechAsia Awards last year for this innovation.

At the heart of Julius Baer's more than 130-year-old success is its people, as well as its purpose to create value beyond wealth.

"We are committed to the long-term development of our team and take pride in their commitment to our clients, and the high quality of service and dedication they provide," says Moo.