Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  SIX SWISS EXCHANGE AG  >  UBS Group AG    UBSG   CH0244767585

UBS GROUP AG

(UBSG)
SummaryNewsRatingsCalendarCompany 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations
The feature you requested does not exist. However, we suggest the following feature:

Swiss bank Julius Baer opens UK offices to seize on Brexit nerves

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/03/2017 | 10:44am EDT
FILE PHOTO: Logo of Swiss private bank Julius Baer is seen at an office building in Zurich

ZURICH (Reuters) - Swiss private Julius Baer (>> Julius Bär Gruppe) is opening three new UK offices as it looks to bank for wealthy residents spooked by uncertainty over Britain's planned exit from the European Union.

ZURICH (Reuters) - Swiss private Julius Baer (>> Julius Bär Gruppe) is opening three new UK offices as it looks to bank for wealthy residents spooked by uncertainty over Britain's planned exit from the European Union.

The offices will be in Manchester, Leeds and Glasgow while Julius Baer will also establish a small team in Belfast, Northern Ireland, the Zurich-based bank said in a statement on Thursday. Julius Baer had a UK presence only in London so far.

A person familiar with the plans said Julius Baer would likely staff the offices with around 30 employees.

Speaking last week, Chief Executive Boris Collardi had highlighted Britain as "one of the biggest opportunities for Julius Baer" because of the wider uncertainties created by Brexit.

"The typical high-net-worth individual in the UK is feeling very uncertain about the future in terms of assets, in terms of currency risk, in terms of diversification and in terms of how they should be positioning themselves in this market," he said.

It bucks a trend set by many investment banks planning to reduce their UK presence in anticipation of Brexit, a process which could cost banks their ability to serve the EU from London - commonly referred to as passporting rights.

However, passporting rights are of less significance in private banking, where stability is one of the main priorities.

Britain is one of the most attractive markets for private banks with the world's fourth-largest population of millionaire households behind the United Sates, China and Japan, according to Boston Consulting Group.

Two-thirds of Britain's wealth is held by individuals outside of London and the southeast, said Julius Baer, Switzerland's third-biggest private bank behind UBS (>> UBS Group AG) and Credit Suisse (>> Credit Suisse Group).

UBS has UK offices in London, Birmingham, Newcastle, Manchester, Edinburgh and Leeds. Credit Suisse serves the UK market through its London office.

(Reporting by Joshua Franklin; Editing by Michael Shields)

By Joshua Franklin

Stocks treated in this article : Credit Suisse Group, Julius Bär Gruppe, UBS Group AG
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG 0.72% 11.175 Delayed Quote.2.73%
JULIUS BÄR GRUPPE 1.21% 38.33 Delayed Quote.8.17%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on UBS GROUP AG
10:01aUBS DECLARES QUARTERLY COUPON PAYMEN : AMU and AMUB
BU
03:42aGoldman moves to take majority control of China joint venture
RE
08/20Stockland Annual Profit Falls, Forecasts Flat Distribution
DJ
08/20Japanese investor Ichigo latest to disclose stake in Unizo
RE
08/20UBS : names new CEO for European Union operations
RE
08/19Swiss sight deposits suggest stepped-up SNB forex intervention
RE
08/19MARKET SNAPSHOT: Stock-market Investors Rattled By Bond Market's 'warning Sho..
DJ
08/16Materials up Amid Hopes for Stimulus -- Materials Roundup
DJ
08/16UBS hires Damergy to run medical device investment banking - memo
RE
08/16WILBUR ROSS : Invesco thrives in China as former executive Ross leads Trump's tr..
RE
More news
Chart UBS GROUP AG
Duration : Period :
UBS Group AG Technical Analysis Chart | MarketScreener
Full-screen chart
Managers
NameTitle
Sergio P. Ermotti Group Chief Executive Officer
Axel A. Weber Chairman
Sabine Keller-Busse Group Chief Operating Officer
Kirt Gardner Group Chief Financial Officer
Michel Demaré Independent Vice Chairman
Sector and Competitors
1st jan.Capitalization (M$)
UBS GROUP AG0.00%38 193
BLACKROCK INC6.48%66 248
BANK OF NEW YORK MELLON (THE)-10.86%39 554
UBS GROUP-16.43%38 193
STATE STREET CORPORATION-19.31%18 819
NORTHERN TRUST CORPORATION5.89%18 635