Zurich, Switzerland (GenevaLunch) – Julius Baer Holding announced the pricing of the initial public offering of Artio, its US fund management arm, at $26 per share today. Trading at the New York Stock Exchange begins today 24 September for the first time. Artio, which is largely owned by its New York management team, hopes to raise $650 million from the sale, the proceeds of which will be used to buy a 54 percent stake in the parent company, Julius Baer Holding, if all shares are sold.
Artio is part of GAM, the asset management business that is being separated this year from Bank Julius Baer, which remains a pure private banking operation. The two separately listed businesses are under the umbrella of Julius Baer Holding.
Baer is Switzerland’s third-largest bank and and its largest private wealth manager.
Background: “Bank Julius Baeer’s new Artio arm listed early on NYSE“, 09 September 2009, GenevaLunch
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News story, GenevaLunch, 24 September 2009.
Filed under: Business
Tags: Artio, Bank Julius Baer, fund management, New York Stock Exchange, NYSE, wealth manager
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