Julius Baer also intends to partner with cryptocurrency service providers and entrepreneurs at the intersection between fiat and crypto while ensuring regulatory compliance for its clients. The firm will begin to offer advice and research on the cryptocurrency space to its clients while providing access to the space by integrating cryptocurrencies into its wealth management offerings. As technology and traditional finance ultimately will converge, there is huge potential to really transform our value chains.” While some critics are not sold on the potential of DeFi, Rickenbacher believes the space will heavily influence the future of finance: “On the other hand, it's also where traditional, cost-heavy and complex parts of the old banking system are today just rewritten with a few lines of code. The Julius Baer CEO believes the space has seen untamed innovation clash with regulatory reality. Related: Jack Dorsey’s Block hits $1.3B in Q1 profits, $43M in BTC trading revenue Rickenbacher was particularly enamored with the potential of the DeFi sector - which has in recent weeks been under the spotlight given the calamitous collapse of the Terra ecosystem. Rodrigo started his career at Banco Ita in Brazil and worked at Goldman Sachs for almost a decade, before joining Julius Baer. The CEO highlighted the work being undertaken by various central banks to create central bank digital currencies (CBDCs) as well as the popularity of cryptocurrency exchanges accelerating regulation and creating a playing field with the world of traditional finance. Rodrigo Bonfim joined Julius Baer in 2017 and serves as Deputy Region Head Americas and Head of Strategy and Business Development for the whole region Americas. That’s why it's exactly the right moment to invest in the long-term potential of digital asset technology.” “They will transform the financial sector over the next ten years and it is important for us to gain a strong foothold in this area. The firm concentrates on private banking, investment advisory. Rickenbacher drew parallels with the two sectors, noting that cryptocurrencies and DeFi hold the same potential as the Dot Com bubble, which birthed the internet and various core services that we now know and use. Julius Baer Group is a private banking group established in 1890 and based in Zurich, Switzerland. It paved the way for the emergence of a new sector that indeed transformed our lives.” “It could well be at this very instant that we are witnessing a bubble-burst moment of the crypto-industry and we all know what happened after the dot-com bubble burst 30 years ago. Rickenbacher noted that the recent slump in the cryptocurrency markets presented a watershed moment for its clients to gain exposure to the nascent asset class.
#Julius baer update
The firm’s CEO Philipp Rickenbacher confirmed the move into the cryptocurrency space during his delivery of the company’s strategy update for the next three years.
#Julius baer full
In January, two former Baer CEOs - Chief Executive Boris Collardi, now a partner at Geneva wealth manager Pictet, and his successor Bernhard Hodler - were reprimanded by FINMA for money laundering-related failings involving Venezuelan oil company PDVSA and corruption at FIFA.ĭespite lifting the acquisitions ban, FINMA will continue its scrutiny of the bank, with Baer saying the market supervisor "will continue to closely accompany Julius Baer until the full implementation of these measures through the mandated auditor and additional supervisory measures".The 132-year-old Swiss asset management firm, Julius Baer, intends to offer exposure to cryptocurrencies and decentralized finance (DeFi) for its high net-worth clients. "Julius Baer welcomes the lifting of the ban on complex acquisitions given the significant progress the bank has made in strengthening its company-wide risk management, particularly with regard to money laundering prevention," the bank said in a statement. is a Swiss private banking group which is the parent company of Bank Julius Baer, a traditional private bank based in Zurich, Switzerland.The firm dates itself back to 1890 when an exchange office was founded by Ludwig Hirschhorn and Theodor Grob.
In February 2020, FINMA cited scores of failings at Switzerland's third-largest listed bank, including its acceptance of a 70 million Swiss franc ($74.2 million) transfer for a Venezuelan customer in 2014 despite knowing he was accused of corruption.įINMA at the time ordered Julius Baer to improve its controls and appointed an auditor to oversee the group, and the Zurich-based bank said on Wednesday that it had made strides on fulfilling its obligations to combat corruption.
ZURICH (Reuters) - Julius Baer can resume large acquisitions after markets watchdog FINMA lifted a ban levied against the Swiss private bank last year for failings in combating money laundering involving cash linked to world soccer body FIFA and Venezuela's oil company.
0 kommentar(er)
