Private banking has been given further prominence at Julius Baer after approval was given by the Swiss Federal Banking Commission to align its organisational and legal structure with its previously announced business-operating model as of 15 November 2007. The re-alignment will see Julius Baer’s European Asset Management business and the various product areas from within the Private Bank merge to create an Investment Products division. This unit will sit alongside private banking and will be run by Alex Widmer, previously head of the private bank, who will assume the role of chief executive of Bank Julius Baer. Bank Julius Baer will comprise the two Julius Baer branded business areas of Private Banking and Investment Products. David Solo will remain head of asset management companies GAM and JBIM (US), an equities fund management business which manages SFr84 billion ($71.2 billion) in New York. Mr Solo will continue to work with the leadership of Investment Products in the design of this new area, according to a release from the Swiss bank. Julius Baer Holding the publicly listed parent company of the Julius Baer Group, will be a financial holding company above the new structure and will be responsible for corporate, financial, and strategic issues with Johannes de Gier as group chief executive officer leading a team of around 50. Also on the holding company board are Dieter Enkelmann group chief financial officer, Bernhard Hodler group chief risk officer and Scott Sullivan group general counsel. The restructure was prefaced earlier this year by the hire of former Clariden Leu banker Beat Wittmann who is charged with building an investment advice division for private clients within the private bank. The group’s financial reporting from this year will reflect the new structure and the boards of directors of the holding company and Bank Julius Baer will remain unchanged.