Julius Baer Launches Desk In Singapore To Cater For Russians' Needs In Asia

Ilya Timofeyev

28 September 2010

Julius Baer, the Swiss private bank, has set up a desk in Singapore to serve wealthy Russians seeking to invest in the Asian region, according to Bloomberg, citing Tom Meier, head of the bank’s Asia and Middle East operations.

With the Russia desk, the bank hopes to generate growth in client funds similar to the growth levels seen in Asia, the report said.

Compared with the global rate of four to six per cent, Julius Baer forecasts 10 to 20 per cent annual growth in net money inflows in the region, the report said.

Meier is reported to have said that the firm will compete in Singapore with UBS and Credit Suisse – the Swiss giants that have already launched Russian desks there.

Julius Baer was not available to respond to WealthBriefing’s enquiries to confirm the report or elaborate on details at the time of publication.

In recent months, Julius Baer has strengthened its presence in the region with a number of private banking hires in Southeast Asia, including the appointment of David Lim as head of private banking and Vincent Lim Chuan Hoo as team head for private banking. The bank has also referred to Asia as its “second home”.