Julius Baer decided to start a new unit catering exclusively for the very rich as it tries to attract more customers in this lucrative segment.

As Julius Baer is remodeling the private banking services under the guidance of Barend Fruithof, the head of the bank in Switzerland, a new unit has been created, devoted to the business with UHNWIs, 'Ultra High-Net-Worth Individuals', the Zurich-based bank said in a statement today.

The business with the very rich has been put into the hands of Christian Blum, who will join the bank with a team of experienced client advisers on February 1st, 2016, from Credit Suisse. Blum has worked for two decades at Switzerland's second-biggest bank and last was head of a Global Citizens Zurich team, working with the very rich. Blum is taking Rouven Bazlen and Moritz Schmidt along to Baer.

Choice of Service

The second significant pillar of Fruithof's revamp is called «Your Wealth». Customers of the bank now have a greater choice of services from which they can build their individual solution.

«The overall aim of the different measures is to further increase our share of the domestic market in the coming years,» Baer said in the statement.

Management in the Regions

The bank is adjusting the management structure of the different regions, putting its emphasis on the economic centers of Switzerland. Paul Arni is in charge of Zurich and Zug, Claude Scharowski heads Basel, Gabriele Odone Geneva, Emmanuel Debons is in Lausanne and Sergio Leone takes care of the Italian-speaking region of Ticino. Patrick Héritier is chief of the other branches.