Julius Baer Says Sands, Galaxy top China Picks

by swisscham in Bilateral Relations

Swiss private lender Bank Julius Baer has listed Macau casino investors Sands China Ltd and Galaxy Entertainment Group Ltd as number one and number two respectively in its fourth quarter, top ten, list of Greater China equities. The attractiveness of Macau gaming is because it offers investment exposure to growth in the disposable income of Chinese consumers says Kelvin Wong, Julius Baer’s China and Hong Kong equity analyst. Two other firms with both retail and merchant operations in Macau – the mainland state-owned lender Industrial & Commercial Bank of China Ltd and the pan-Asian insurer AIA Group Ltd – are also on the list in 6th place and 9th place respectively. Julius Baer Group Ltd, founded in 1890, said last month it is on track to absorb as much as CHF 72 billion (MOP 635.26 billion) of client assets after acquiring Bank of America Corp’s non-U.S. wealth units last year. Julius Baer has been making acquisitions to compete with its larger compatriots UBS AG and Credit Suisse AG. Zurich-based Julius Baer reported CHF 47 billion of funds under management from Merrill Lynch clients as of July 22. But the Merrill business was unprofitable in 2011 and may increase pressure on Julius Baer’s margin when it reports its results for the second half of 2013, the firm has said.

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