Swiss private bank hiring Belfast staff as it expands its reach throughout the UK

A SWISS private bank is expanding into Belfast and elsewhere in the UK despite uncertainty over Brexit.

Julius Baer is a leading Swiss private banking group with a focus on servicing and advising private clients in global wealth management.

It’s adding new offices in Manchester, Leeds and Glasgow, but is also setting up a small team in Belfast.

That could subsequently lead to a larger office in future.

The newly hired relationship managers “will be joining Julius Baer over the coming months, operating out of premises that have been identified and which are expected to open later this year”, the bank said.

Yves Robert-Charrue, head of Europe for Julius Baer, said: “This is another step in Julius Baer group’s growth strategy. Experienced relationship managers are attracted by Julius Baer’s pure wealth management model.

“The UK, with its deep pool of talent in financial services, is a strategic location for investment and growth. We are committed to building a strong business for the long term and serving clients across the whole country.”

Earlier this year it was reported the bank posted adjusted net profit of 705.5m Swiss francs (£554m).

The move comes as some of Europe’s top private banks revealed that they are expanding their business in the UK.

David Durlacher, chief executive of Julius Baer International Limited, said: “We are excited to make such an important addition to Julius Baer’s already strong UK business. I am delighted we have attracted a number of very high-calibre individuals and especially that we will be able to form strong and lasting client relationships across the country.”

The company, which has around 200 staff in the UK, has locations in 20 countries with more than 5,000 staff in total.

Earlier this year Danske Bank revealed it had sold off its highend investment business to a global wealth management firm.

Davy Private Clients UK has acquired Danske Bank’s portfolio of more than 1,100 of its customers, who would be seeking investment options of more than £150,000.

The deal involves the transfer of the management of more than 1,100 customer investment portfolios, which are currently managed by the bank’s investment centre.

As part of the deal 12 Danske Bank employees will join Davy. The move is due to take place by the end of October.

Davy is Northern Ireland’s largest wealth manager and employs 65 staff here.

Meanwhile, there have been claims that the UK could lose up to 40,000 jobs in the wholesale banking sector to other EU destinations under a hard Brexit.

The sector could also have to find up to $50bn (£38bn) of extra capital to support new European entities, equivalent to between 15% and 30% of the capital currently committed to the region by wholesale banks, a study by consultancy group Oliver Wyman said.