August 3, 2017 / 12:28 PM / 2 years ago

Swiss bank Julius Baer opens UK offices to seize on Brexit nerves

ZURICH, Aug 3 (Reuters) - Swiss private Julius Baer is opening new offices in Manchester, Leeds and Glasgow, it said on Thursday, as it looks to bank for wealthy Britons spooked by uncertainty from Britain’s planned exit from the European Union.

Speaking last week, Julius Baer Chief Executive Boris Collardi said Britain is “one of the biggest opportunities for Julius Baer because of the market situation”.

“The typical high-net-worth individual in the UK is feeling very uncertain about the future in terms of assets, in terms of currency risk, in terms of diversification and in terms of how they should be positioning themselves in this market,” he said.

A person familiar with the plans said Julius Baer would likely staff the offices with around 30 employees. Julius Baer will also establish a small team in Belfast.

Britain has the world’s fourth-largest population of millionaire households, according Boston Consulting Group, behind the United Sates, China and Japan.

Reporting by Joshua Franklin; Editing by Michael Shields

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