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Julius Baer sees significant growth during 20th year in Guernsey

01 July 2014

Bank Julius Baer's 20th year of operation in Guernsey has seen significant growth in the local office following the group's acquisition of the Merrill Lynch International Wealth Management business outside the US.

Paul Van Neste, Branch Manager for Bank Julius Baer in Guernsey, said the integration was extremely positive for the Guernsey office.

He said: "During the on-going integration process, Guernsey has demonstrated its competency to our group offices across the world and as such, is regarded as a centre of excellence."

As a result of the increased business coming from the group, the Guernsey branch has implemented an expansion plan which includes additional recruitment.

Mr Van Neste said: "The transaction has been handled in phases, which means that we have been able to grow the team on a staggered basis ensuring that we recruit the right people and that there is a smooth integration into our existing team."

The Guernsey office was established in 1994 as a subsidiary and became a full branch five years later. The Julius Baer presence in Guernsey also comprises a trust company providing fiduciary services. The bank has gone from employing just over 10 people in Guernsey in 1997 to almost 90 people currently and the team will be further strengthened over the remainder of 2014.

Mr Van Neste said: "Julius Baer's name has been synonymous with the highest standards of quality and expertise in the fields of banking, wealth management and investment consultancy for 125 years. The integration with Merrill Lynch will enhance Bank Julius Baer's established and respected brand and reinforce the advent of a new reference in wealth management as well as a powerful product offering for all clients. The group, which employs over 5,000 people, has a presence in 25 countries.

"Guernsey is an important office within the Julius Baer group. As well as a team of relationship managers with their own book of direct clients with significant assets under management, Guernsey is also an important non-EU booking centre for the group's clients who live in the UK and international clients who are not residents of mainland Europe."

The Guernsey branch also has teams specialising in external asset managers discretionary and advisory management and credit. The latter providing a full range of credit products including property lending, Lombard and Sharia-compliant facilities. In addition, the group treasury and markets team are an integral part of the bank's asset and liability management and are also responsible for a significant proportion of the bank's structured product issuance.

Both the bank and trust company are supported by an experienced risk management team ensuring the highest standards of client due diligence and risk landscape review.

Tony Crawley, Head of Private Banking in Guernsey, said the company's team was integral to its success.

Mr Crawley said: "Our company's foundations have been well laid with a long-serving and dedicated team, four of whom have been with the bank since its inception. Over the last 20 years we have strived to retain our unique family culture and with everybody's individual commitment we will continue to enjoy a successful future and remain an integral and important part of the Julius Baer global network.

"The group's core values of care, passion and excellence are central to our continuing success and reputation. We have clear ambition and direction and are absolutely focused on moving Julius Baer forward for the benefit of us as professionals, for our investors and of course for our valued clientele."

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