Unconventional Capital Wisdom
Value, long-term horizon, worldly wisdom, growth at reasonable price

Julius Baer: Private Bank Transfers Wealth From Rich To Shareholders

Executive Summary

    Private Banking Business: Highly profitable and low capex Baer is the top private bank in terms of economics while continually carving its moat with larger scale, diversification and emerging markets Baer's management team has a history of making advantageous strategic moves. It got out of the brokerage business, acquired and integrated numerous private banks, sold off GAM and Artio to focus on the core private banking business, and merged its multiple share classes into one class. Asia AUM expected to grow to ~25% of group AUM by 2015, which will help with growth. Emerging Markets are targeted to be 50% Overcapitalized with BIS Tier 1 capital of 24.5%. Management's Tier 1 capital target of 12% would mean nearly ...
Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
FREESA PRO MEMBERS
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
"In just the first month of using PRO, I used it to generate two ideas which were actionable for me. As a result of these two positions, I have earned more than 20 times the annual subscription costs for PRO."Michael Yagemann, Greenbridge Capital
"I am pleasantly surprised with the scope of small and mid-cap coverage PRO offers. You can't find that any where else."Patrick Rice, Mainstay Capital Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details