Jump to content
Your browser is out of date. It has known security flaws and may not display all features of this websites. Learn how to update your browser[Close]

Baer market

Julius Baer wins Singapore share accumulator dispute

Swiss private bank Julius Baer has won a court case in Singapore against two former clients who were seeking a CHF90 million ($92.7 million) claim for alleged damages and losses incurred by the bank resulting from share accumulator transactions in 2007 and 2008.

Julius Baer said in a statement on Tuesday that the High Court of Singapore had dismissed the case by consent.

Two former clients of the Zurich private bank’s Singapore branch filed the writ of summons with the court in 2013.

The plaintiffs claimed they suffered damages and losses allegedly incurred from share accumulator transactions in 2007 and 2008. They had demanded 94 million Singapore dollars and 186 million Hong Kong dollars. Julius Baer had contested the charges.

Asian appeal

Julius Baer has been expanding in Asia, attracted by the growing number of wealthy people. Private wealth in the Asia-Pacific region surpassed that of North America for the first time in 2015, according to a report by Cap Gemini.

Last week Julius Baer announced that Asia may overtake Europe as its biggest revenue-generating region, as the Swiss wealth manager steps up hiring in Hong Kong and Singapore. 

More than half of about 200 new bankers that Julius Baer plans to hire this year will be based in Asia. 

Asia represented CHF532 million of Julius Baer’s operating income in 2015, compared with the CHF2.2 billion from Switzerland and the rest of Europe. But the share of revenue generated in Asia has been growing fast, doubling to about 20% of the total last year from about 10% in 2011.

Sign up for our free newsletter and get the top stories delivered to your inbox.

swissinfo.ch with agencies


All rights reserved. The content of the website by swissinfo.ch is copyrighted. It is intended for private use only. Any other use of the website content beyond the use stipulated above, particularly the distribution, modification, transmission, storage and copying requires prior written consent of swissinfo.ch. Should you be interested in any such use of the website content, please contact us via contact@swissinfo.ch.

As regards the use for private purposes, it is only permitted to use a hyperlink to specific content, and to place it on your own website or a website of third parties. The swissinfo.ch website content may only be embedded in an ad-free environment without any modifications. Specifically applying to all software, folders, data and their content provided for download by the swissinfo.ch website, a basic, non-exclusive and non-transferable license is granted that is restricted to the one-time downloading and saving of said data on private devices. All other rights remain the property of swissinfo.ch. In particular, any sale or commercial use of these data is prohibited.