The time during which a client is served by an RM with the “two hats” was, in the case of the UK integration, about six months. There is no standard formula for how long this process has to last, Horowitz said.
Horowitz reckons RMs are pleased with how the process has gone, a statement borne out by the higher percentage (in the upper 90s) of those moving across to Julius Baer.
“Relationship managers very much appreciated that they did not lose information and access to clients during the transition process. This made for as smooth a client experience as possible during an acquisition which the client did not ask to be involved in,” he said.
The transfer has helped to make Julius Baer what he calls the “largest pure play or stand-alone private bank with a global footprint outside the US”. The size issue is important, given how economies of scale and market muscle are essential for both delivering service and keeping costs down.
Besides all the intricacies of making the acquisition work, Julius Baer in the UK has sought to raise its profile in London through events such as its sponsorship of the British Museum and its recent "Beyond Eldorado" exhibition.
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