The Hong Kong office, located in the heart of the bustling financial district at Two Exchange Square, represents Julius Baer's hub for North Asia, and is led by Andrea M. Benenati.

"Hong Kong is booming," observed Benenati, adding that: "We believe in the opportunities this region has to offer and we are here to make a difference."

Alex W. Widmer, CEO Private Banking, commented: "Asia is not only a key strategic growth region, but also our biggest growth story, and we are proud to be represented with such a talented and experienced team here in Hong Kong."

"Client interest has been very encouraging so far, and with Andrea Benenati at the helm, supported by a staff of senior dedicated private bankers, our Hong Kong operation can now deliver the first-class service for which we are already well-known in Europe and the Americas."

Bank Julius Baer acquired three Swiss private banks and the global asset manager GAM in 2005, boosting total assets under management to CHF 320 billion (US$255 billion) by mid-2006, and placing the bank in the top tier of international wealth managers. But while the bank has a long tradition of successfully managing assets in what are considered traditional markets, it now wants to extend itself into emerging markets.

"Within the next five years, we want to achieve a significant amount of our total assets under management in emerging markets, with Asia leading the way," explained Widmer.

Mike Rowse, Director-General of Investment Promotion at Invest Hong Kong, said that the bank's decision to locate in Hong Kong highlighted the city's ideal location as a base to enter the Asian wealth market.

“Hong Kong’s strategic location at the doorstep of the booming Mainland market makes the city an ideal investment destination for any wealth management expert," he noted.

Julius Baer is to continue its Asian expansion with an office in Singapore, due to be opened on 9 November.