It’s not even Friday. From Reuters:
JULIUS BAER UP1.7 PCT ON MARKET TALKS OF INTEREST FROM STANDARD CHARTERED – TRADERS
Yes, a rumour – albeit vague and producing little in the way of price-reaction – on Thursday had London-listed emerging market specialist Standard Chartered looking to acquire a Swiss wealth management firm that traces its history back to the 19th century.
But we’re struggling with the logic of such a move. Is the suggestion, perhaps, that Standard will emulate its clients in the Middle East, India and Asia, by re-cycling profits into depressed developed markets – such as Swiss banks?
In the absence of any concrete information, we would just note, in passing, that Julius Baer is the process of floating its American asset management division on the New York Stock Exchange. It hopes to have the IPO completed this year.
No comment was forthcoming from either side. But one to watch, nevertheless.