Julius Baer will expand its wealth gathering operation in Britain as the country prepares to leave the European Union, seeking wealthy clients outside the traditional London honeypot.
Chief Executive Boris Collardi gave a 'heads up' in March that the Swiss private bank was looking to expand in the United Kingdom, perhaps even through an acquisition, as finews.asia reported at the time.
The Zurich-based wealth manager has now however decided it will try and draw in fresh business by opening offices in Manchester, Leeds and Glasgow and create a small team in the Northern Ireland capital Belfast, Julius Baer said Thursday.
Improved access
The plan bucks the normal trend of focusing on London and the south east of England, usually regarded as the magnet for foreign investors. According to Julius Baer two-thirds of wealthy British individual live outside the greater London area, and the planned expansion will give them improved access to the bank's services.
Julius Baer plans to recruit around 30 new relationship managers and staff to man the offices by the end of the year, finews.asia has learned from well-informed sources.
The move follows similar expansion plans by other Swiss financial institutes, including UBS, Credit Suisse and Pictet, as they position themselves for the UK's withdrawal from the EU.
There has been concern in the UK that the decision to leave the EU would jeopardize the country's standing as an attractive financial center.
