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SINGAPORE : Swiss private bank Julius Baer is aiming to grow its operations in Asia.
And it hopes the region will account for up to a quarter of its total managed assets in five years, up from around 10 per cent currently.
Julias Baer plans to make Asia its second home market by 2015, by tapping into the growing pool of private banking clients in the region.
Growing affluence in Asia is drawing in banks like Julius Baer. This is why the the bank is starting to shift away from its traditional focus on Europe.
Having identified Asia as its second home market, the family-run lender plans to upgrade its North Asia headquarters in Hong Kong to a booking centre.
It also wants to set up a representative office in Shanghai next year.
Julius Baer also plans to expand its Singapore branch into its Southeast Asian headquarters.
The lender is expecting the growth rate of its Asian clients' assets to double that of those in Europe every year.
"Asia's net worth of high net worth individuals has surpassed that of Europe. We are looking at close to US$10 trillion of net worth that would like to be managed in a professional way. So, that is a trend that is likely to continue," said Thomas Meier, CEO (Asia & Middle East) of Julius Baer.
Julia Baer is projecting a growth rate of nearly 13 per cent for the net assets of the ultra-rich in Asia every year. This is on the back of rapid economic growth in the region.
"In line with overall macro economic growth that we have seen, which is now close to double-digit, (or) 8 percent on average. If you are going to look at the forecast, this is the good place to be in," said Meier.
Currently, Julius Baer has more than 400 staff in the Asian region.
It intends to increase its staff count in Asia to between 15 per cent and 20 per cent over the next few years.
The bank also sees the Middle East as a key growth market, and is expecting to see annual growth in high net worth assets there of nearly 6 per cent per year. - CNA /ls
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