Zurich/Milan, 25 May 2009 - Julius Baer, the leading dedicated wealth manager in Switzerland, has signed an agreement to acquire Alpha SIM, an independent asset manager for high net worth inpiduals based in Milan. Under the terms of the agreement, Alpha SIM will merge with Julius Baer's private client business in Milan, Julius Baer SIM. This acquisition complements Julius Baer's well-established onshore private client and asset management businesses in Italy and demonstrates its continued commitment to this important market. The acquisition is subject to regulatory approval.
Julius Baer Holding Ltd., Zurich, has signed an agreement to acquire Alpha SIM, which is based in Milan. Specialising in portfolio management and advisory services for high net worth inpiduals, Alpha SIM has around EUR 400 million (CHF 600 million) of assets under management. This acquisition will ideally complement Julius Baer's well-established private client and asset management businesses in Italy.
Under the terms of the agreement, Alpha SIM will merge with Julius Baer's onshore private client business in Milan, Julius Baer SIM. The combined organisation will operate under the name Julius Baer SIM. To ensure continuity of service, Julius Baer will build on the existing Alpha SIM team and Stefano Canossa will remain Head of Julius Baer SIM. The acquisition is expected to be completed in the second half of 2009, subject to regulatory approval. The parties to the transaction have agreed not to disclose further details of the agreement.
Bernard Keller, CEO Italy and Southern Switzerland at Bank Julius Baer, stated: "Alpha SIM has a proven track record in providing excellent service and advice that is fully consistent with our strategy. This acquisition will significantly strengthen Julius Baer's competitive position in the private client services segment in Italy and underscores our continued strong commitment to this important market."
Cosimo Bisiach and Carlo Mozzi, Co-CEOs of Alpha SIM, stated that the philosophy of maintaining personalised relationships with Alpha SIM's clients and of offering best-in-class service and advice is perfectly in line with Julius Baer's brand and approach. They added that by combining the skills and expertise of the two organisations, it will be possible to create a strong basis for the successful further development of the business - thus benefiting both clients and employees.
Julius Baer funds were the first EU-harmonised investment funds authorised for distribution by a foreign institution, and they have been well established in the Italian market since the early 1990s. The successful asset management business, Julius Baer SGR, has been managing the assets of institutional clients since 2004. Julius Baer SIM, which focuses on the needs of high net worth inpiduals, commenced operations in June 2008. Both offices are located at Corso di Porta Nuova 3, 20121 Milan, Italy.
About Julius Baer
The Julius Baer Group, founded in 1890, is the leading dedicated wealth manager in Switzerland. It concentrates exclusively on private banking and asset management for private and institutional clients. Julius Baer's total client assets amounted to CHF 338 billion at the end of 2008, with assets under management accounting for CHF 275 billion. Bank Julius Baer, GAM and Artio Global Investors are the key businesses of Julius Baer Holding Ltd., whose shares are listed on the SIX Swiss Exchange and form part of the Swiss Market Index (SMI), which comprises the 20 largest and most liquid Swiss stocks.
Julius Baer employs a staff of over 4 000 in more than 20 countries and 40 locations, including Zurich (head office), Buenos Aires, Dubai, Frankfurt, Geneva, Hong Kong, London, Lugano, Milan, Moscow, New York, Singapore and Tokyo.
On 20 May 2009, Julius Baer announced its intention to separate its Private Banking and Asset Management businesses into two independently listed companies in order to enhance both businesses' ability to deliver their full strategic potential.
For more information visit our website at www.juliusbaer.com.
Media Relations: Tel. +41 (0)58 888 88 88
Investor Relations: Tel. +41 (0)58 888 52 56