Julius Baer To Separate Private Banking, Asset Mgmt. Units

May 20 2009 | 1:04pm ET

Julius Baer Holding has decided to split its private bank and asset management business, including its GAM fund of hedge funds business, into two independent entities, both individually listed on the Swiss Exchange.

The private banking business will be listed under Julius Baer Group, while the asset management units, including GAM, Artio Global and Julius Baer Asset Management Europe, will be listed as GAM Holding. The split will be completed during the third quarter, subject to shareholder and regulatory approvals.

“In light of the challenges that many financial services business models are confronted with currently, we are convinced that both entities will benefit from their sharpened focus and the absence of competing interests, thus acting pro-actively in the best interest of all of our stakeholders,” said Raymond Baer, chairman of Julius Baer.

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