Luxury advice service for ultra-high-net-worth individuals to commence operations in their domestic base, according to the official announcement from our site.
Julius Baer Announces Strategic Shift in UHNW Client Services
Swiss Private Bank Julius Baer has unveiled plans for a significant reorganization of its services targeted at ultra-high net worth (UHNW) clients. This restructuring is aimed at driving profitable growth in wealth management through segmentation, refined product offerings, core geographies, and enhanced productivity.
The bank's focus on UHNW clients, many of whom have an entrepreneurial background in Germany, will see the concentration of its many years of expertise in high-performance strategic financial architecture (Financial Engineering & Solutions) in this area. Stefanie Rühl-Hoffmann, Head of UHNW in Wealth Management & Private Banking Germany, has been assigned responsibility for this segment.
A key aspect of the reorganization is the establishment of a new "Growth Office" to support retaining and acquiring UHNW clients. The bank's 'Global Hausbank' concept, which combines regional presence with the advantages of a globally operating Corporate Bank and Investment Banking, will be instrumental in this endeavour.
The Relationship Manager Team, consisting of client advisors who act as direct contacts for the entire client relationship, will play a crucial role in this new setup. Michael Kremzow will lead the Relationship Manager in the North and West regions of Germany, while Björn Gebhardt will head the UHNW Investment Manager team throughout Germany, in addition to his responsibilities as Regional Head of Investment Manager North and West.
The bank is also implementing a new way of engaging with clients, with Peer Paulsen leading the bank's expertise in high-performance strategic financial architecture (Financial Engineering & Solutions) in the UHNW area. Lars Stoy, Head of Private Bank Germany and responsible for Wealth Management & Private Banking, expressed delight about serving clients more effectively with the new team.
The reorganization also involves a shift in the pay structure for private bankers, incentivizing long-term growth and quality net new assets rather than short-term revenue from higher-risk business areas. Strategic business priorities include improving risk, compliance, and accountability, as evidenced by the appointment of a new Chief Risk Officer and the establishment of a new Risk unit.
Emphasis on technology initiatives, including digital business transformation and IT infrastructure projects, will support growth and service sophistication. A focus on a new performance and ownership culture aligns with organizational changes for better client service and operational efficiency.
Stefanie Rühl-Hoffmann, Head of UHNW in Wealth Management & Private Banking Germany, mentioned positive experiences worldwide with the service model and its application to UHNW clients. A team under Germany-wide management will coordinate the entire client service for the UHNW target group.
In addition, it's worth noting that Julius Baer is the market leader in Wealth Management in Germany. This reiterates the bank's commitment to providing top-tier services to its clients. Temporarily, Stefanie Rühl-Hoffmann will head the South-East region. The reorganization of the bank's private bank business combined Wealth Management & Private Banking in the home market under the leadership of Lars Stoy in October 2023.
Appointments and details of the Growth Office will be announced shortly. The bank looks forward to serving its UHNW clients more effectively with these strategic initiatives.
- Julius Baer's strategic shift in UHNW client services includes a focus on investment banking, finance, and wealth management, aiming to drive profitable growth through segmentation, refined product offerings, and enhanced productivity.
- Stefanie Rühl-Hoffmann, Head of UHNW in Wealth Management & Private Banking Germany, will lead the concentration of the bank's expertise in high-performance strategic financial architecture in the UHNW area, while the Relationship Manager Team will play a crucial role in the new setup.
- The bank is implementing changes in its pay structure for private bankers to incentivize long-term growth and quality net new assets, and is also emphasizing technology initiatives and a new performance and ownership culture to support growth and service sophistication, all aligning with organizational changes for better client service and operational efficiency.
