Julius Baer has beefed up its Luxembourg-based European hub with a strategic acquisition. Now, a key banker in the Grand Duchy is departing for a British asset manager.
After nearly five years as a managing director in Luxembourg for Julius Baer, Steen Foldberg (pictured) is leaving for Aberdeen Asset Management, British finance website «Citywire» reported.
Foldberg will remain in Luxembourg as country head for the Scottish asset manager, including cross-border services for Aberdeen Global Services. He joined Julius Baer in August 2012 as part of the Swiss bank's acquisition of the international wealth management activities of Merrill Lynch.
Julius Baer gained heft in Luxembourg with its 2015 purchase of Commerzbank in the country. A major incentive for the deal was the German bank's Temenos software platform, which Julius Baer also works with elsewhere.
The Swiss bank is in the process of moving entirely to the software provider's «T24» core banking system. Luxembourg is – and Foldberg would have been – a key part of this: Julius Baer plans to book its European clients in Luxembourg, not Frankfurt, from next year, as finews.com has previously reported.
