Julius Baer loses Germany boss Schlag | EUROtoday

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Axel Hoffmanns wird neuer Deutschlandchef von Julius Bär. Das hat die F.A.Z. in Finanzkreisen erfahren. Hoffmanns, bisher Leiter des Private Banking von HSBC Deutschland, tritt in sechs Monaten die Nachfolge von Heiko Schlag an, der das Geschäft der Schweizer Bank in Deutschland seit 2012 führt und dessen Vertrag im Januar 2025 ausläuft.

Unter Schlag hat Julius Bär die ver­walteten Kundenvermögen ohne Zukäufe anderer Banken deutlich gesteigert. Höhere Kundenvermögen unter Verwaltung sind im Private Banking die Basis für höhere Gebühreneinnahmen aus der Vermögensverwaltung und Anlageberatung für reiche Privatleute und Selbständige (meist Unternehmer) oder auch Stiftungen. 2023 kam hinzu, dass Banken von den gestiegenen Zinsen profitierten – so auch Julius Bär. Ihr Nettogewinn kletterte deutlich von 22,3 auf 45,3 Millionen Euro.

Heiko Schlag
Heiko SchlagMartin Leissl

In 2024, Julius Bär is now aiming for a web revenue just under the earlier 12 months – regardless of a better tax fee and investments amounting to a double-digit million quantity over two years. Julius Bär will subsequently stay at an elevated revenue degree. The departure of Germany boss Schlag comes as a shock. According to data from the FAZ, the 60-year-old Schlag knowledgeable the Swiss financial institution's administration final 12 months that he was not obtainable for a contract extension. Schlag apparently needs to focus on non-public issues. However, hardly something has leaked out about this to this point.

HSBC, then again, introduced Hoffmanns' departure this week, however with out mentioning his new profession purpose. Julius Bär's Germany boss is an effective match as he already is aware of Swiss banking tradition from his earlier skilled life: Hoffmanns labored for Credit Suisse till 2020 earlier than becoming a member of HSBC.

Hoffmanns' duties as the brand new head of personal banking at HSBC Germany have been taken over by Liv Wyen, who has labored for HSBC since 2014, on July 1. At that point, HSBC's present German non-public banking unit was nonetheless unbiased as a conventional Düsseldorf financial institution below the title Trinkaus & Burkhardt. Since 2021, nevertheless, HSBC Germany has additionally been only a department of the British-Asian financial institution's Paris-based European holding firm. For weeks there was hypothesis that the German non-public banking enterprise is up on the market. The financial institution itself confirmed that it was analyzing “strategic options”.

Profit margin of 90 p.c

HSBC says it manages round 26 billion euros in shopper property in non-public banking in Germany. Julius Bär manages 16 billion euros. However, the Swiss financial institution's shopper property in Germany are rising not solely due to the elevated costs of worldwide shares, but in addition as a result of shoppers are bringing an increasing number of non-public property to Julius Bär: in 2024, the financial institution in Germany is alleged to have obtained 500 million euros to this point.

Julius Baer has managed to buck the trade development by protecting the revenue margin on shopper property below administration at 90 p.c – some rivals are stated to solely handle half that. That is why Julius Baer elevated its revenues by an additional 16 p.c in 2024, pushed solely by rising fee earnings, whereas earnings from curiosity on deposits remained secure.

Julius Baer's margins in non-public banking are additionally so excessive as a result of the Swiss financial institution not solely gives asset administration, the place prospects delegate a big a part of the funding resolution. Around 20 p.c of shoppers use their buyer advisors and analysts at ten areas in Germany, but in addition in Asia, for instance, as sparring companions for his or her funding choices and search recommendation – once they purchase particular person shares, but in addition earlier than they make bigger investments in corporations (non-public fairness).

Many of Julius Bär's rivals, together with the Frankfurt-based Bankhaus Metzler, solely provide asset administration in non-public banking and now not provide funding recommendation. This is as a result of the monetary regulator has considerably tightened the principles for buyer advisors, for instance within the documentation of an advisory enterprise. The prices of this are just too excessive for a lot of banks.