Julius Baer Holding Ltd. today confirmed the timetable for the separation of its private banking and asset management businesses. Completion of the separation is scheduled for 30 September 2009, with the first day of trading of Julius Baer Group Ltd. and GAM Holding Ltd. as separately listed entities expected for 1 October 2009. Both companies will give presentations on their future strategies at 2.00 p.m. CET today.
Separation of Private Banking and Asset Management
Julius Baer Holding Ltd. ('Julius Baer Holding') today confirmed the timetable for the separation of its operations into two distinct, fully independent groups, both inpidually listed on the SIX Swiss Exchange. Julius Baer Group Ltd. ('Julius Baer Group') will focus on private banking services while GAM Holding Ltd. ('GAM Holding') will concentrate on active asset management. The separation is scheduled for completion on 30 September 2009 and the first trading day for Julius Baer Group and GAM Holding as separately listed entities is expected for 1 October 2009.
As previously announced, the transaction will be structured as a carve-out of Julius Baer Group from Julius Baer Holding. Julius Baer Group will comprise Bank Julius Baer & Co. Ltd. as its principal operating entity, as well as certain related ancillary businesses. Julius Baer Holding will be renamed GAM Holding Ltd. and will be composed of GAM, Swiss & Global Asset Management (formerly JBAM) and a participation in Artio Global Investors Inc. ("Artio Global") the shares in which yesterday commenced trading on the New York Stock Exchange following a successful initial public offering.
On the first trading day, each holder of one Julius Baer Holding share will automatically become the owner of one share in each of Julius Baer Group (ticker: BAER) and GAM Holding (ticker: GAM).
Julius Baer Group
With CHF142bn assets under management as of 30 June 2009, Julius Baer Group will be the leading Swiss pure private banking group standing to benefit from private clients' increasing level of demand for the services of an independent, strongly capitalised and fully dedicated private banking franchise. Julius Baer Group will continue the expansion of its international network and complete the shift of its services and product model towards a unique 'open architecture' philosophy, allowing for a truly unrestricted choice of the best services and products available to its clients.
With CHF156bn of assets under management as of 30 June 2009, GAM Holding will be a leading active asset manager, offering a broad, well persified range of equity and fixed income investment funds, discretionary portfolio management services and alternative investments. As a stand-alone entity, the business will be able to accelerate the development of its international institutional and US distribution franchise.
IPO of Artio Global
Yesterday, 24 September 2009, the shares in Artio Global started trading on the New York Stock Exchange. Under the final terms, Julius Baer Holding sold 22,600,000 shares plus a potential additional 3,750,000 shares to cover over-allotments.
The net proceeds will be allocated as follows: (1) Julius Baer Group will receive USD 300 million; (2) GAM Holding will receive the remainder and retain a stake in Artio Global.
Strategy presentation in London at 2.00 p.m. CET today
For details of how to join the strategy presentation by webcast and for access to the Listing Prospectus and the related Listing Notice of Julius Baer Group Ltd please go to www.juliusbaer.com/listing. The strategy presentation materials will be available at the same URL address from 7.00 a.m. CET today. The conference call for media representatives will start at 4.00 p.m. CET today.
Julius Baer Group Ltd.
Media Relations: +41 58 888 8888
Investor Relations: +41 58 888 5256
GAM Holding Ltd.
Media Relations: Juerg Wildberger, Hirzel.Neef.Schmid.Konsulenten, +41 43 344 4242
Investor Relations: Thomas Schneckenburger, bluechip financial communications, +41 79 407 9952
Artio Global Investors Inc.
Media Relations: Neil Shapiro, Intermarket, +1 212 754 5423
Investor Relations: Peter Sands, Head of IR, +1 212 297 3699
THIS PRESS RELEASE DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL, SUBSCRIBE FOR, UNDERWRITE OR OTHERWISE ACQUIRE ANY SHARES IN JULIUS BAER HOLDING LTD., JULIUS BAER GROUP LTD., GAM HOLDING LTD. OR ARTIO GLOBAL INVESTORS INC., OR ANY OTHER SECURITIES, NOR SHALL IT OR ANY PART OF IT NOR THE FACT OF ITS DISTRIBUTION OR COMMUNICATION FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT, COMMITMENT OR INVESTMENT DECISION IN RELATION THERETO.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN ISSUE PROSPECTUS PURSUANT TO ARTICLE 652a OF THE SWISS CODE OF OBLIGATIONS OR A LISTING PROSPECTUS PURSUANT TO THE LISTING RULES OF THE SIX SWISS EXCHANGE. IN CONNECTION WITH THE LISTING OF JULIUS BAER GROUP LTD. ON THE SIX SWISS EXCHANGE, A LISTING PROSPECTUS HAS BEEN PUBLISHED WHICH CONTAINS DETAILED INFORMATION ON JULIUR BAER GROUP LTD. AND ITS BUSINESS AND FINANCIAL CONDITION AS WELL AS FINANCIAL INFORMATION. THE INFORMATION INCLUDED IN THIS PRESS RELEASE REGARDING JULIUS BAER GROUP LTD. IS QUALIFIED IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE LISTING PROSPECTUS. THIS LISTING PROSPECTUS CAN BE ORDERED FROM ZUERCHER KANTONALBANK (ZKB), TELEPHONE +41 (0) 44 293 6735, FACSIMILE +41 (0) 44 293 6732, E-MAIL: PROSPECTUS@ZKB.CH, AND IS ALSO AVAILABLE IN ELECTRONIC FORM ON THE WEBSITE OF JULIUS BAER HOLDING LTD. (WWW.JULIUSBAER.COM/LISTING).
Important Notice Regarding Forward-Looking Statements
THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS REGARDING EVENTS AND TRENDS THAT ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS AND OTHER FACTORS THAT COULD CAUSE THE ACTUAL RESULTS AND FINANCIAL POSITION OF JULIUS BAER HOLDING LTD. OR JULIUS BAER GROUP LTD. OR GAM HOLDING LTD. OR ARTIO GLOBAL INVESTORS INC. TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN, OR SUGGESTED BY, THESE FORWARD-LOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE THOSE DIFFERENCES INCLUDE, BUT ARE NOT LIMITED TO: LIMITATIONS OR CONDITIONS IMPOSED ON JULIUS BAER HOLDING LTD. OR JULIUS BAER GROUP LTD. OR GAM HOLDING LTD. OR ARTIO GLOBAL INVESTORS INC. IN CONNECTION WITH CHANGING BUSINESS OR OTHER MARKET CONDITIONS, GENERAL ECONOMIC CONDITIONS IN SWITZERLAND, THE EUROPEAN UNION, THE UNITED STATES AND ELSEWHERE, AND JULIUS BAER HOLDING LTD.'S OR JULIUS BAER GROUP LTD.'S OR GAM HOLDING LTD.'S OR ARTIO GLOBAL INVESTORS INC.'S ABILITY TO RESPOND TO TRENDS IN THE FINANCIAL SERVICES INDUSTRY. THE FORGOING LIST OF FACTORS IS NOT COMPLETE. JULIUS BAER HOLDING LTD. OR JULIUS BAER GROUP LTD. OR GAM HOLDING LTD. OR ARTIO GLOBAL INVESTORS INC. DOES NOT UNDERTAKE, NOR IS IT OBLIGED TO UPDATE ANY FORWARD-LOOKING STATEMENTS THAT IT MAY MAKE.