Swiss Bank Julius Baer Expanding In S'pore

Source : The Straits Times, Mar 6, 2008

SWISS bank Julius Baer, named the fastest-growing financial institution in Singapore last year, is not letting up on its growth momentum here despite the global slowdown.

The bank, which uses the Republic as its hub for regional operations, has just signed a lease for 25,000 sq ft of office space on the fourth floor of Harbour Front Tower 1 to provide additional space to house its expanding operations.

Julius Baer's main office at One George Street is already full just two years after its official opening. It is now considering leasing a third site in town to expand its offices.

'Singapore is the alternative booking centre to Switzerland and a key market for our growth strategy,' said Julius Baer chief executive Alex Widmer on Monday.

The bank has grown rapidly into a full-fledged operation with marketing, operations, products and research banking functions in Singapore. Its turnover over the past three years has grown by a compound annual rate of 170 per cent.

This earned the bank the title of Singapore's fastest-growing finance-banking services company in an annual certification by DP Information Group last year.

The bank, which has about 240 employees in Singapore and Hong Kong, wants to add another 100 staff in the next three to four years.

Bank Julius Baer, its private banking group, intends to hire 50 to 60 relationship managers globally this year. 'But we may hire more than that if we find good quality bankers,' said Mr Widmer.

He expects 2008 to be challenging as the United States recession is likely to affect the growth momentum of all financial sectors including wealth management.

But he still expects Bank Julius Baer to attract net new money of above 6 per cent. It will also continue to invest in talent, information technology and infrastructure to support its growing client base.

Julius Baer, a 'pure-play' private bank without an investment banking arm, has avoided the massive US sub-prime mortgage write-downs that have hit rivals such as Citigroup.

'Being a pure-play bank helps us to focus on what we do best. We cannot dance on too many dance floors. We focus on being a dominant player in just one or two areas,' said Mr Widmer.