THE MARKETS HAD been expecting a takeover of Julius Baer since January this year, when the Swiss private bank confirmed a new single-share structure. Based on one share, one vote, this cut the voting power of the shareholder block led by the Baer family to 18% from the 52% it had previously exercised.
Family disagreements became public at the time: head of private baranking Michael Baer left amid differences of opinion about strategy. In spite of the bank’s reasonable performance, private-banking clients had been pulling their money out at a steady clip for the previous 18 months: analysts estimate SFr1.1
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