From Julius Baer to MBaer: Long history of one family in banking…

Interesting piece which again shows history and families matter in banking. Michael Baer, great grandson of Julius Baer is to start his own bank. He separated from the Julius Baer group in 2005 over differences:

Michael Baer, a great-grandson of Julius Baer — who founded the Swiss bank of the same name over a hundred years ago — is about to start accepting clients for his MBaer Merchant Bank AG. After receiving a banking license from the Swiss Financial Market Supervisory Authority at the end of 2018, the final preparations are now under way.

We hope to be operational by March,” Baer said in an interview. “We are still looking for suitable offices in Zurich,” said Baer, who himself worked at Julius Baer Group Ltd. for many years.

Can the family name help him to win customers? “I can provide an answer to this question in two or three years,” Baer said. “I’m proud that I can look back on such a long history in banking.”

His great-grandfather started what is today known as Julius Baer Group as a small currency exchange in Zurich in the 1890s. It later became a wealth management firm with international expansion starting in 1940, becoming the first Swiss private bank to go public in 1980. The majority of the voting rights from the initial public offering remained within the Baer family, ensuring full control of the Group. That only changed at the beginning of 2005 with the introduction of the ‘one share, one vote’ principle.

Such stories are so interesting…

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