Julius Baer chief executive Philipp Rickenbacher reportedly said that the doubling of assets under management at the Swiss pure-play was possible, though he did not provide a timeline.
Philipp Rickenbacher, Julius Baer CEO, said that it was possible for the Swiss private bank to reach 1 trillion Swiss francs ($1.12 trillion) in assets under management, more than doubling its current 429 billion francs.
«We have deliberately never formulated that as a target with a fixed time frame. But we are in growth mode and such ambitions are not unrealistic,» he said in an interview with the German newspaper «Handelsblatt» (behind paywall).
Ex-CS Clients
On Credit Suisse, Rickenbacher said attracting former clients of the fallen Swiss lender will take time, though there will be «some redistribution of market share» in the long term. «Perhaps the market has overestimated the speed of the shifts. High net worth individuals take their time making these decisions,» he explained.
