Wednesday, July 23, 2008
Julius Baer: Johannes A. de Gier retires as Group CEO of Julius Baer, continues as Executive Chairman of GAM - unchanged focus on wealth management
Given the successful implementation in 2007 of a pure financial holding company model for the Group with Bank Julius Baer, GAM, and Artio Global operating as fully stand alone independently managed companies, the role of Group CEO at Julius Baer Holding can appropriately be eliminated. Therefore, on 1 September 2008, Johannes A. de Gier will retire as planned from his function as Group CEO and continue as Executive Chairman of GAM, while also remaining an advisor to the Board of Directors of Julius Baer Holding on strategic matters.
Julius Baer will continue to focus exclusively on wealth management.
Since November 2007, Julius Baer Holding Ltd., Zurich, has been operating as a pure financial holding company focusing on critical Group functions such as strategy, financial control and reporting, capital management, Group legal & compliance, Group risk management and Group communications.
As the owner of the three entities Bank Julius Baer, GAM, and Artio Global, Julius Baer Holding pursues the strategy of guiding three independently run wealth managers with their own business models, brands, operating platforms, and proven management leadership supported by independent Board structures. The US asset management business, Artio Global, as previously announced, is intended to be listed on the NYSE subject to favourable market conditions. This will leave the Group with two distinct assets: Bank Julius Baer, the global private bank under the leadership of Alex W. Widmer and GAM, the boutique alternative and active investment manager, under the leadership of David M. Solo. Both companies have a strong focus on High Net Worth Individuals as their core clients. Beside mutual synergies, Bank Julius Baer and GAM are well positioned to take advantage of opportunities arising from the current challenging market conditions.
After Johannes A. de Gier's retirement on 1 September 2008 from his function as Group CEO, he will continue as Executive Chairman of GAM. "We are delighted to continually benefit from his extensive industry knowledge and experience, not least in future strategic matters of the Group", Raymond J. Baer, Chairman of the Board of Julius Baer Holding said. He continued: "The Board of Directors wishes to express its appreciation to Johannes A. de Gier for his significant contribution to a successful re-positioning of the new Julius Baer Group as the leading dedicated wealth manager in Switzerland, as well as his careful work to put in place a smooth management transition to our new financial holding company model."
Media: +41 (0) 58 888 5777
Investors: +41 (0) 58 888 5256