Bank Julius Baer CEO dies unexpectedly

By Katie Reid

ZURICH (Reuters) - Alex Widmer, the chief executive of Bank Julius Baer (BAER.VX) and a well respected figure in Swiss private banking, has died unexpectedly at the age of 52, the bank said.

A source told Reuters he had been informed by close friends of Widmer's family that the banker had committed suicide.

Swiss news website 20Minuten cited two unnamed independent sources as saying it was a case of suicide.

Swiss police declined to comment on the death.

Julius Baer, Switzerland's biggest dedicated wealth manager which has roots dating back to the 19th century, is based in Zurich and manages more than 360 billion Swiss francs ($300.8 billion) in assets for rich individuals and institutions.

A spokesman said there was no link between Widmer's death and the group's current activities, but declined to give further details on the cause of Widmer's death overnight on Wednesday, saying it was a private matter.

The Swiss news agency SDA said Widmer's wife died from cancer in 2005.

A Zurich-based trader said employees at the bank had been told Widmer had died from an unspecified illness. Widmer, a Swiss citizen, had three children.

"Alex Widmer was the very epitome of a Swiss private banker," Julius Baer said in a statement.

"It is a great shame," added a Zurich-based trader. "It is very sad. He embodied Julius Baer. He was the most important person in private banking."

By 1411 GMT, shares in Julius Baer were 9.4 percent at 33.54 Swiss francs, while DJ Stoxx European banking sector index .SX7P was down 2.9 percent.

Widmer will be succeeded by Hans de Gier, who served as the CEO of Julius Baer Group until September 2008 when he stepped down to focus on his role as chairman of hedge fund unit GAM.

"This is a setback for the bank. Widmer is widely regarded as the architect of its new direction," Claude Zehnder, a ZKB trading analyst said.

"However, with De Gier they have someone very experienced in place who knows the bank inside out," he said.

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