The company has appointed Yan Sun as chief representative officer of the new venture, which is to function as a business liaison between the bank, local regulator and local companies in China.
Julius Baer said it plans to conduct market research into the wealth management industry in China, provide consultancy to the rest of its company in relation to wealth management in China, and promote the Julius Baer brand in the region, through the office.
Sun, whom Julius Baer said was “instrumental” in getting the new office’s licence from the China Banking Regulatory Authority, reports directly to Thomas Meier, chief executive Asia and member of the executive board of Julius Baer.
Prior to joining the company in January this year, Sun was the chief representative of Credit Suisse Investment Bank’s Shanghai representative office.
Meier said: “We have long stated that China is a compelling market with an abundance of wealth management opportunities.
"Our representative office marks our first step to building a meaningful presence in this key global wealth market. This move underscores our commitment to Asia, which is our second home market after our home base Switzerland.”
