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Julius Bär expands in Europe, sees room to grow in UK, Germany, Spain

Julius Bär Gruppe AG will expand its presence in Europe through new hires in strategic markets, potential acquisitions and opening new branches, Reuters reported, citing the Swiss group's head of European business, Yves Robert-Charrue.

Robert-Charrue said Julius Bär is eyeing Britain, Germany and Spain for expansion. While growth in Europe's wealth management industry has been behind that in Asia, Julius Bär has been able to enter some new European markets with room to grow its comparatively small share of those markets, Robert-Charrue said.

Julius Bär reached a record CHF401 billion in AUM at April-end, a year-to-date increase of 3%. European and Asian clients each made up about a quarter of the private banking group's AUM, Reuters reported, citing unnamed sources.

The lender is looking to establish a branch in Hanover, Germany and another office at an undisclosed site, according to Robert-Charrue. He said it was also considering opportunities in the U.K., where Julius Bär launched three new offices in 2017. The group mainly books its domestic business in the U.K. and runs its European cross-border operations out of Luxembourg.

Robert-Charrue did not rule out an acquisition if the "conditions are right." Julius Bär will continue to invest in technology at its Luxembourg-based European offshore booking center, the newswire noted.