No GAM Sale: Julius Baer Exec.

Jul 23 2008 | 11:52am ET

Julius Baer Holding does not plan to sell its hedge fund unit, the chairman of the group said today.

CEO Johannes de Gier told a media conference that a sale of GAM was not on Baer’s agenda and the Swiss firm is not in talks with anyone about the unit. Speculation swirled about Baer’s plans for GAM after it revealed a 18 billion Swiss franc decline in total assets under management, due to a combination of currency movements, equity market movement and outflows in the first half.

Baer bought GAM from UBS, which remains the hedge fund’s biggest client, in 2005.

Baer also announced that de Gier is stepping down on Sept. 1 and will not be formally replaced. Widmer and asset management chief David Solo will assume leadership of the firm, which posted a 2.9% decline in first-half net profit.


In Depth

Q&A: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Star Mountain: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of