Julius Baer scraps chief executive position, reports first half results
In announcing its first half 2008 results, Julius Baer said it would scrap the position of group chief executive as a result of the creation of standalone managed companies – Bank Julius Baer, GAM and Artio Global – within the group.
The current chief executive Johannes de Gier will leave his position in September and become executive chairman of GAM.
Separately, Julius Baer said first half 2008 net new money grew by SFr10bn, with SFr8bn of the growth attributed to the group’s private banking unit.
Total assets under management fell 10% on the end 2007 number to SFr364bn. Julius Baer said negative market performance and currency volatility in the first half had knocked SFr51bn off total assets under management.
Net profit for the group fell 2% year-on-year to SFr510m in the first half. Profits before taxes at Bank Julius Baer – the group’s private banking unit and its investment products division – fell 4% year-on-year to SFr390m.
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