People Moves
Julius Baer Builds New Direct Investments Unit, Hires To Come
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The new unit plays to a theme in wealth management that has been going on for some time: increasing interest by UHNW clients in bypassing traditional funds and channels to get directly into business investment and earn additional yield.
Julius Baer is
launching a new offering for direct private investments, pitched
at its wealthiest clients interested in private equity, private
debt, and other unlisted or illiquid assets. From 1 October this
year, the unit will be led by former UBS senior figure Giuseppe
De Filippo.
The new business line will offer access to private market
transactions across all of the Swiss bank’s regions via
professionals in its major booking centres. The unit will
complement Julius Baer’s product range and will be embedded in
its markets division, it said in a statement. Several other
external and internal professionals will join De Filippo. They
will contribute expertise in structuring, sourcing, and
distributing transactions, it continued.
De Filippo has had various roles at UBS, most recently leadership
of the direct investments group and the corporate finance group,
globally. Prior to this, he worked as an associate principal with
McKinsey & Company in Zurich, Singapore, and Shanghai from 1999
to 2006. He holds a master’s degree in physics from the
University of Pisa and a PhD in physics from the University of
Copenhagen.
“I am delighted to announce the hiring of Giuseppe and a team of
proven experts to form this newly-created unit - Direct Private
Investments. With their background, their experience, and
international network, Giuseppe and the new team are perfectly
equipped to successfully roll out these important services,
expanding the capabilities of our Markets division and, thus, our
relevance for UHNW clients,” Dieter Enkelmann, chief financial
officer at Julius Baer, said.
The Zurich-listed bank said this step follows its strategic
announcement in February 2020, that it will invest more in its
range of solutions and expertise.
“Direct investments are one of the fastest growing asset classes
for UHNW clients and family offices seeking diversification,
asymmetric returns, and to tap into emerging megatrends,” it
added.