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’Fear and apprehension: Rudolf Elmer edition
No, WikiLeaks is not going to go away.
The saga over leaked documents on the whistleblowing website has heated up as bets are now being taken on which celebrities, business executives and prominent politicians will be revealed as tax evaders in the promised WikiLeaks data dump of more than 2,000 names from the files of Swiss private banker-turned whistleblower Rudolf Elmer.
Julius Baer buys ING’s Swiss unit
Julius Baer on Wednesday bought the Swiss private banking operations of Dutch lender ING for SFr520m ($507m) – its first acquisition since spinning off its fund management business. The acquisition of ING Bank (Switzerland) will add SFr15bn in funds under management,
Snap news
Breaking pre-market news on Wednesday,
- Julius Baer to buy ING Swiss private bank – statement.
- Spain’s Banesto 9-month net down 15.3 per cent on the year – report.
- Corporate: Air France KLM,
ING may sell Swiss unit to Julius Baer
ING, the Dutch financial services company, may sell its Swiss private-banking unit to Julius Baer Group for about $500m and could announce the deal as early as Wednesday, reports Bloomberg. ING, which received $14.7bn in state aid last October,
US clients identify banks in tax probe
Wealthy US citizens under a tax-evasion amnesty scheme have voluntarily identified nearly 10 Swiss and European banks where they hold accounts, opening new fronts in the US probe into potential tax crimes,
Cost-cuts pay off for Julius Baer
Julius Baer on Monday posted better-than-expected profits after aggressive cost-cutting and a sharp slowing of outflows from its asset management business. The results are the first for the Swiss private bank since it announced plans to split its flagship wealth management arm and its fund management business,
Lex: Hedge funds
Cash may have been pouring into hedge funds at a faster rate in the past quarter, but the little fish may soon find themselves on the hook…
The hedge fund industry remains shakey and needs to string together a series of quarters of stable returns to soothe investors’ nerves.
Snap news
Breaking pre-market news on Monday,
- Commerzbank sells Dresdner Bank (Switzerland) to Liechtenstein-based LGT Group — statement.
- Julius Baer first-half net profit falls to CHF 324m, AUM up 9 per cent at CHF 299bn — statement.
Julius Baer to spin off funds unit
Julius Baer surprised investors on Wednesday with plans to split its private banking and fund management businesses into separate listed companies. The move was seen as paving the way for the disposal of fund management,
Bad News (Julius) Bärs
Julius Baer, the Swiss private bank, fell as much as 40 per cent in morning trading.
And that’s really not much of a surprise – given the set of mixed 2008 results it released this morning.
Though the bank managed a ChF852m net profit (25 per cent less than last year) — there are problems ahead.
Julius Baer reports new flow of funds
Julius Baer, the Swiss private bank, on Tuesday reassured investors by reporting significant inflows of new money in wealth management. The bank, which bought a number of small private banks from UBS three years ago,
Non-Standard rumour
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.
Intesa in talks with Baer
Intesa Sanpaolo and Julius Baer have entered into preliminary talks that could lead to the Italian group acquiring part of the Swiss private bank’s big asset management business. A spokesman for Baer said the bank “did not comment on market rumours”.
Julius Baer eyes IPO or buyout for US unit
Swiss private bank Julius Baer is eyeing an IPO or a management-led buyout of its US asset management unit after talks to sell it stalled, reports Reuters, citing industry sources. Baer, which said in October it was considering all options,
Julius Baer suggests listing fund
Julius Baer, the Swiss wealth manager, is planning further changes to its business, including selling or spinning off its New York-based fund management business or even listing a minority in GAM, its independent fund manager.
A Baer ending for UBS
So at last, after days of bid talk and market speculation about Julius Baer, UBS has declared its intention to sell its 20.7 per cent stake in Switzerland’s third-largest wealth manager and biggest publicly-traded private bank.
Management buys $9bn Julius Baer boutique
Julius Baer has sold its $9bn London fixed-income boutique to management, just 18 months after buying the far larger Global Asset Management from UBS.
The fund, which will be renamed Augustus Asset Managers,