While fears about the negative impact of the exit of the U.K. from the European Union stalk the European banking industry, Julius Baer says it is already profiting from Brexit.
Swiss-based Julius Baer has already this year opened offices in Leeds, Manchester and Edinborough. Thus the private bank is already profiting from the growing prosperity in Great Britain, the head of the bank there, David Durlacher, told news agency «Reuters».
This year alone Julius Baer has won more clients than in the two years previously, according to Durlacher. The decision to expand its U.K. network has certainly helped in the growth, and in Edinborough it already has 10 employees, six of them client advisors.
Poaching Staff From Competitors
«Part of our success is due to Brexit», explained Durlacher. «Part of [our success] is to do with Brexit, because we have seen the opportunity in a wealth management industry that is retreating or restructuring to deal with [it]».
In September the Swiss bank hired seven private bankers in London alone, as finews.com reported. Julius Baer is relying on its normal modus operandi: poaching staff from its competitors.
Scottish Break?
Durlacher expects Great Britain to continue playing an important role in European financial market regulation despite Brexit. A lot of clients expect the country to remain a key financial center, and growth continues to be strong despite the uncertainties over Brexit, he said.
In the event of Scotland breaking away from the rest of the U.K., Julius Baer would retain its presence in the Scottish capital, Durlacher said.
