Julius Baer is looking for acquisitions, particularly in Asia, according to a report from the Swiss brokerage firm, Helvea. The report said ...

Julius Baer is looking for acquisitions, particularly in Asia, according to a report from the Swiss brokerage firm, Helvea. The report said that Baer’s recent management changes — announced earlier this week — would be followed up by an acquisition. Helvea, which is owned by the Geneva private bank, Pictet, also said Baer’s major problem is that it does not have a well known brand name nor an investment bank to introduce rich entrepreneurs to the bank in Asia. Baer closed down its office in Hong Kong a few years ago. The brokerage firm said that it would be “surprised that the recently appointed new chief executive in Zurich will be able to alter this picture without making acquisitions.” Alex Widmer, the former head of private banking at Credit Suisse, was appointed the new chief executive of Baer; he replaces Walter Knabenhans. Baer also appointed Thomas Meier as the new head of private banking for the group. Mr Meier was previously at Deutsche Bank.