Julius Baer has decided to pull out of the North American wealth management market, having sold its private-banking business there to UBS Wealth Management for an undisclosed amount. The mid-size Swiss bank had been in the US since 1940, and was ones of the first Swiss private banks to be onshore in the region.
Julius Baer will continue to operate its asset management business in the US, but Michael Baer, head of private banking at Julius Baer, says the bank just did not have the scale to be able to continue...
