Swiss Asset Manager Gam Holdings has separated from Julius Baer as part of a restructuring move that will see Gam Holding listed as an independent entity on the Six Swiss Exchange.
As a result of the move, Julius Baer will no longer issue structured products based on Gam Funds, but will continue managing existing products. "The asset management division will see an end to the formal distribution of Julius Baer-issued structured products through Gam Holdings," a Julius Baer spokesman told SRP. "Bank Julius Baer continues to issue structured products across all asset classes as before."
Philipp Rickenbacher has been appointed head of structured products at Julius Baer, and will be responsible for all structured products activities, including equity derivatives, fixed income derivatives, FX structured products and fund-linked derivatives. In the meantime, two traders have been moved from Gam Holdings to Julius Baer to manage the book of structures on Gam underlyings.
Rossen Djounov is now the head of Gam's structured investments division, which was created in January 2008. This division was created to offer structured solutions through the asset management platform and will use third-party issuers to provide fund-linked notes.
As a standalone entity, Gam Holdings will continue building its global distribution network, forming new partnerships with private banks and wealth managers, while continuing to benefit from existing partnerships with Julius Baer and UBS. "Our powerful standalone brands and broad, well-diversified range of products and services mean we are well positioned to continue to develop our franchises going forward," said Gam Holding chairman Johannes de Gier.