Julius Baer Expands in India
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The Swiss-based bank is recruiting a total of 11 advisors. The new hires will be spread across Julius Baer’s Indian branches in Chennai, New Delhi, Calcutta, and Mumbai.
Asia head Jimmy Lee said this summer that India is a core growth market, along with China and Indonesia, and of course major hubs Singapore and Hong Kong. Julius Baer has massively built its imprint in Asia with the 2012 acquisition of Merrill Lynch’s private bank outside the U.S. – a method the bank is keen to continue, as Lee recently said.
Growth by M&A
Since then, the bank has built out its business on the Indian subcontinent, including taking an entire team from now-defunct Banca Svizzera della Italiana, or BSI.
The 11 bankers will report to Ashish Gumashta, CEO of Julius Baer Wealth Advisers in India, who took over last year following the exit of Rahul Singh last July. Gumashta was a veteran of Merrill Lynch in India, and instrumental in the integration into the Swiss private bank following the deal.
Questions & Answers
Q.Which specific cities in India will Julius Baer's new advisors be located in?
Which specific cities in India will Julius Baer's new advisors be located in?
The 11 new advisors will be distributed across Julius Baer's existing Indian branches. These locations include Chennai, New Delhi, Calcutta, and Mumbai, expanding the bank's presence within the country.
Q.Who will the newly recruited advisors report to within Julius Baer's Indian operations?
Who will the newly recruited advisors report to within Julius Baer's Indian operations?
The 11 new bankers will report directly to Ashish Gumashta, who holds the position of CEO for Julius Baer Wealth Advisers in India. He assumed this role last year after the previous CEO's departure.
Q.What is Julius Baer's preferred strategy for expanding its business in core growth markets?
What is Julius Baer's preferred strategy for expanding its business in core growth markets?
Julius Baer is keen to continue its strategy of growth through mergers and acquisitions, as mentioned by Asia head Jimmy Lee. This method was previously used successfully with the 2012 Merrill Lynch acquisition.
Q.When did Ashish Gumashta become the CEO of Julius Baer Wealth Advisers in India?
When did Ashish Gumashta become the CEO of Julius Baer Wealth Advisers in India?
Ashish Gumashta took over as CEO of Julius Baer Wealth Advisers in India last year. His appointment followed the exit of the previous CEO, Rahul Singh, who departed in July.