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By Benedicte Gravrand, Opalesque London: Julius Baer lost 20% in two weeks on the Swiss bourse, reported Swiss paper Le Temps on 4-Oct. This is due to its joint business with fund of funds manager GAM, which is going through a rough patch. Christian Stark, analyst at Cheuvrex, told Le Temps that there were withdrawals from clients in the first half of the year. “GAM has not made any structural fault, it is the environment that is simply too difficult for hedge funds,” he said.

Julius Baer’s American wealth management division, Artio, was meant to get listed sometime this year. But the listing might be postponed – although that has not, as yet, been confirmed.

Julius Baer achieved a net profit of CHF510 million in 1Q-2008, the same result as in the first half of 2007 despite weak markets and a strong Swiss franc (press release).

Lehman Brothers and AIG - influence on GAM GAM’s David M. Solo, said late last month that due to active efforts to minimise risks, across both the single and multi-manager funds, GAM had very limited exposure to these two companies and believed that the direct impact of such exposures would be minor (......................

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