Published by Asia First – 23rd September 2016
Swiss private banking group Julius Baer is stepping up hiring in Singapore and Hong Kong as it sees Asia overtaking Europe as the group’s biggest revenue-generating region. Julius Baer CEO Boris Collardi said more than half of about 200 new bankers that the wealth manager plans to hire this year will be based in Asia. Last year, Asia contributed about USD549m of the group’s operating income.
Although still small compared with the income from Switzerland and the rest of Europe, Asia is poised to become the biggest region for Julius Baer as revenue generated in the region has been growing fast, doubling to about 20% in 2015 from about 10% of the total in 2011. In Asia, Julius Baer is the fifth-largest private bank by assets under management. It is the third largest in Switzerland. Julius Baer has chosen Singapore as the base for a new platform that will support its global operations.
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