Private banking 2008: When the ultra-wealthy bump into the sub-prime
More information on the Private banking survey
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"Our clients’ trust and confidence is increasing because they know we are doing just one thing and doing it very well"
Boris Collardi, Julius Baer |
UBS DISPOSED OVER the summer of a stake of 20.7% in Julius Baer equity worth about $3.3 billion. While that’s not a mistake to rank alongside its risk management failures in the sub-prime and mezzanine CDO markets, still it might have been better off holding on to it. Julius Baer’s stock has been a great investment in the past six months, far better than that of UBS itself and certainly far better than the billions of dollars-worth of toxic structured credits the big Swiss bank accumulated and has since written off.
If you had indexed both banks’ stocks to 100 at the...
