Julius Baer, Switzerland's leading dedicated wealth manager, announced today that, following approval from the Swiss Federal Banking Commission, it will align its organisational and legal structure with its previously announced business operating model as of 15 November 2007.
After combining the Julius Baer European Asset Management business and the various product areas from within the Private Bank to create the Investment Products area, Bank Julius Baer will comprise the two Julius Baer branded business areas of Private Banking and Investment Products. Alex W. Widmer will assume the role of CEO of Bank Julius Baer. David M. Solo will head the dedicated Asset Management companies of GAM and JBIM (US), besides continuing to work with the leadership of Investment Products in the design of this new area. The Group's financial reporting will reflect the new structure.
Julius Baer Holding Ltd., the publicly listed parent company of the Julius Baer Group, will act as a financial holding company responsible for corporate, financial, and strategic issues. The holding company will be run with about 50 employees. The Executive Board of the holding company will consist of Johannes A. de Gier (Group CEO), Dieter Enkelmann (Group CFO), Bernhard Hodler (Group Chief Risk Officer) and Scott Sullivan (Group General Counsel). The Boards of Directors of the holding company and Bank Julius Baer will remain unchanged.
2007 financial reporting follows the new structure
The financial reporting of Julius Baer will reflect the new operational model. In the future, the segments to be reported will include the results of a) Bank Julius Baer representing the two business areas of Private Banking and Investment Products, b) Asset Management companies, and c) Group Functions. Together with properly adjusted targets, the 2007 results will be reported following the new structure on 8 February 2008. Financial results for H2 2007 will also be provided under the prior segmental reporting in order to provide clarity relative to historic reporting.