Saturday, 27 December 2014
Last updated 3 days ago
Feb 9 2009 | 1:09am ET
Swiss private bank Julius Baer posted a profit last year, no thanks to its hedge fund business.
The firm’s GAM unit saw its assets under management fall by more than half in 2008. GAM managed US$39.2 million at the end of last year, compared to US$75.8 million at the beginning of the year.
In its year-end report, Julius Baer blamed the outflow on “heightened risk aversion among investors” in the wake of the Bernard Madoff scandal. But it added that the Madoff fallout could prove a positive for it, because it “ultimately should eliminate a large number of competitors offering lower quality, lower cost service.”
Julius Baer’s profit fell 30% last year to 661 million francs (US$569.5 million).
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.