UBS/Julius Bär: Not big enough to matter

Bank Julius Bär used to think there were virtues in being middle-sized. The Swiss bank was, in its own words: «big enough to matter, but small enough to care». But times have changed. Traditional off-shore Swiss private banking is no longer a gentlemanly activity; it has become a cut-throat business. Smaller private banks without international infrastructure have struggled to attract funds from the new rich of Asia and Russia. Their traditional European client base is highly mature and even de...