Julius Baer is set to review its private wealth business following the bankruptcy of an unnamed property group, which is believed to be Austria-headquartered Signa.
In a stock exchange notice today (27 November), the group revealed, without naming Signa, that it possessed three loans to different entities within "a European conglomerate" that was now restructuring, totalling CHF 606m (£545.4m). Earlier reports by the FT and Bloomberg pointed to Signa as the European conglomerate mentioned by Julius Baer in its stock exchange notice. Deep Dive: A 'bleak' future but not a 'forgone conclusion' for open-ended property funds The loans, which relate to "commercial real estate and luxury property", had already led the firm to set aside CHF 60m (£54m)...
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