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UBS is experiencing a notable exodus of wealth advisors in London, with at least three senior members—Matt Bonfield, Nick Williams, and Josie Shaw—joining Julius Baer. This shift is attributed to Julius Baer's more attractive compensation structure, which offers a percentage of assets brought in, contrasting with UBS's reportedly disappointing bonuses. The departures follow other significant exits, including Mark Goddard, and reflect broader changes within UBS's UK operations, which are increasingly centralized in London.
UBS is recalibrating its strategy following the merger with Credit Suisse, focusing on strengthening capital reserves rather than expanding its investment banking division in light of anticipated regulatory changes. This conservative approach aims to enhance stability across its operations.In contrast, investor confidence is rising, as evidenced by Penza Investment Management's 3.01% stake in Julius Baer and RBC Capital Markets' optimistic target revision for Sandoz. Additionally, Swisscom and SGS are set to reward shareholders with dividends, reflecting a robust financial outlook for Swiss firms amidst regulatory challenges.
Paul Arni, former CEO of VP Bank, has joined WRISE Singapore as a non-executive director, effective immediately. He will guide the firm's corporate strategy, governance, and risk management, emphasizing the importance of robust governance in wealth management. WRISE Group is expanding its presence in Asia, having recently launched offices in Shenzhen and Dubai.
UBS Group AG is seeking to limit the future size of its investment bank and increase capital to avoid stricter regulations following its acquisition of Credit Suisse. Meanwhile, Penza Investment Management has acquired a 3.01% stake in Julius Baer. Analysts have raised the target price for Sandoz Group AG from CHF 42 to CHF 44, while Swisscom AG proposed a dividend of CHF 22.00 per share and SGS SA proposed a dividend of CHF 3.20. The Swiss Investor Confidence Index for March is set to be released at 0900 GMT.
UBS Group AG is working to mitigate stricter regulations by proposing to limit the size of its investment bank and increase capital reserves, following its acquisition of Credit Suisse. Julius Baer Gruppe AG has a 3.01% stake held by Penza Investment Management, while RBC has raised the target price for Sandoz Group AG to CHF 44 from CHF 42. Swisscom AG and SGS SA have proposed dividends of CHF 22.00 and CHF 3.20 per share, respectively, with Swiss March Investor Sentiment data set to be released at 0900 GMT.
Paul Arni, former CEO of VP Bank, has joined WRISE Singapore as a non-executive director, effective immediately. He will guide the firm's corporate strategy, governance, and risk management, emphasizing the importance of robust governance in wealth management. WRISE Group is expanding its presence in Asia, having recently launched offices in Shenzhen and Dubai.
Julius Baer reported a significant net profit increase of 125% to CHF 1.02 billion for 2024, rebounding from a challenging previous year marked by substantial write-downs. Assets under management rose to CHF 497 billion, bolstered by CHF 14.2 billion in new inflows, while the dividend per share remains unchanged at CHF 2.60. The Executive Board will be streamlined from 15 to five members, and a strategy update is expected before summer 2025.
Panic is escalating at Julius Baer as new Chairman Stefan Bollinger prepares to overhaul the 15-member Executive Board, a structure criticized for its size compared to rivals like UBS and Pictet. The board, established under former CEO Philipp Rickenbacher, includes key figures like HR manager Guido Ruoss and interim CEO Nic Dreckmann, who have weathered recent controversies.
Stefan Bollinger begins his tenure as CEO of Bank Julius Baer amid rising costs and an oversized executive board, now comprising 15 members. With a cost/income ratio of 71%, Bollinger faces the challenge of streamlining operations to meet the bank's goal of reducing this figure below 64% by the end of 2025. The bank's recent history, marked by the Benko scandal, has left it with a market capitalization of 12 billion francs, similar to pre-scandal levels.
A recent interest rate cut by the Swiss National Bank has positioned Zurich to potentially surpass Hong Kong as the world's most expensive city for real estate. With the key interest rate halved to 0.5 percent, home prices in Zurich are expected to rise by 3.5 percent in 2025, further increasing the financial burden on young families seeking home ownership. As prices in Zurich outpace those in major cities like New York, Paris, and London, the real estate market is poised for continued growth despite concerns over affordability.
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