‘Boots on the ground’ - Julius Baer International's CEO on the wealth manager’s push into Glasgow

Julius Baer International has thrown down the gauntlet to its wealth management rivals after hailing a successful start to its second operation in Scotland.

The firm, which forms part of Swiss private banking giant Julius Baer Group, whose roots stretch back 135 years, has opened a Glasgow office more than six years after launching its maiden Scottish base in the heart of Edinburgh. The decision to double down on its Scottish presence marks a further step in JBI’s regional expansion, and gives the firm seven locations across the UK.

David Durlacher, chief executive of Julius Baer International, said Scotland was a long-term investment that the business was “fully committed to”, with the firm looking to further strengthen relationships with entrepreneurs in key growth areas such as life sciences, space and renewables.

David Durlacher, chief executive of Julius Baer International.

“It has been an exciting growth journey for us,” he said. “We are not the only such firm that operates in Scotland but the lesson of wealth management for many years has been that proximity is critical. You need to have boots on the ground. You need to be plugged into the economy and understand the drivers of entrepreneurialism.”

Durlacher said that since opening in 2018 at One Lochrin Square in Edinburgh’s Fountainbridge, the Scottish operation had grown at an “impressive pace” though the west coast coverage has been handled by a team based in the capital.

“We reached a point in our development that justifies having two locations for us in Scotland,” he said. “It has been exciting in the last few years to see how Glasgow has positioned itself on the world stage in different sectors such as life sciences, advanced materials manufacturing and satellites. It punches above its weight on the global stage.”

The firm is also eyeing business in the North-east as the energy transition gathers pace.

Durlacher sees the shift to a low carbon economy as “unstoppable”, adding: “Aberdeen has real opportunity there beyond its historic reliance on North Sea oil and gas. Across Scotland there are opportunities in power retention and storage alongside generation and transmission.”

He highlights a number of barriers to entrepreneurship including a “real need to simplify trading agreements” and improving access to talent.

“Scotland faces a productivity gap. Getting businesses to scale up is critical. We must make sure we have a pipeline of talent and we need to see that homegrown talent staying in Scotland.”

The newly opened Glasgow office, on West Regent Street, will undertake investment advisory, and wealth planning advisory activities, as well as client relationship management activities.

Jonathan Dobbin, head of UK regions at JBI, added: “We look forward to building upon the success of our first Scottish office in Edinburgh and to be even closer to our clients. The development of Glasgow as a major UK financial hub is testament to the continued growth and innovation of businesses in Scotland and the wealth creation that has resulted.

“We are hugely excited to establish our second Scottish office and demonstrate our ongoing commitment to bringing our global expertise to the local UK market.”