The Basel-based private bank lost one of its three partners last year. The private bank also wants to take over a rival Swiss wealth manager.
Basel's Baumann & Cie will stick to its limited partnership structure, partners Matthias Preiswerk and Daniel Rueedi told media representatives in Basel on Monday.
The question arose after Baumann lost one of its three partners this past year: Rolf Buehler decided to leave the bank at year-end after six years as partner. His investment arm will be taken over by Preiswerk and Rueedi, who in turn are pursuing succession plans with «even more focus».
Rival Takeover
The partners said they will take a 25 percent stake in Crystal Asset Management, a Zurich-based wealth manager for private and institutional Swiss and foreign clients. The firm is specialized in small- and mid-cap European stocks. Baumann, which opened an office in Zurich in 2009, wants to take over the majority of Crystal eventually.
Baumann said profit last year rose nearly one-third on the year to 17.5 million Swiss francs. The bank's main driver, fees and commissions, rose 15 percent. The bank achieved a cost-income ratio of 51 percent – a stellar reading for a bank of Baumann's size.
