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

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

As initial anxiety over Donald Trump’s victory gave way to market euphoria in the days following the election, there was a casualty. Gold prices.