On November 8, wealth manager Julius Baer (or Bär) opened a representative office in Johannesburg, South Africa. Through this first establishment on the continent, the first Swiss private banking group intends to offer fully licensed investment advisory services to private clients to give them access to a full range of “sophisticated” investment solutions.
With its 92,000 large fortunes, South Africa has the highest concentration of major wealth on the continent according to Capgemini’s World Wealth Report 2018, recalls the release of the bank that considers the country as a promising market and for which it has a long-term vision.
Julius Baer makes his foray into this market while the day before, the other Swiss champion, Credit Suisse, announced the closure of its branch even if it still intends to offer its services.
It should be noted that at the end of 2017, the bank managed € 57.8 billion of outstanding deposits.
