After 17 years of running Bank Julius Baer's international arm for institutional investors, Peter Widmer is retiring at the end of this month.
Starting with no non-Swiss institutional clients, Zurich-based Julius Baer now runs more than $6 billion in assets for clients around the world, including the United States, the United Kingdom, Germany, Austria, Italy, Hong Kong, Indonesia and the Middle East. Owens-Illinois Inc. -- the firm's first non-Swiss pension fund client -- remains on the roster for global bonds.
Assets are being managed by two entities: Julius Baer Investment Management Inc., which manages the bank's U.S. institutional business; and Julius Baer Investments Ltd., which handles the rest of the world, excluding Switzerland.
Mr. Widmer is handing the reins to Leo Schrutt, who will add the international role to his current responsibility of running the bank's domestic institutional business.
While retiring means that Mr. Widmer will have more time for his family, and for his interests in the arts, literature and sports, he by no means will be leaving money management. Mr. Widmer will remain on the board of Julius Baer's two international entities, and he hopes to focus more on the big picture.
"I'm not going to write books, but to step back and look at the longer-term trends," Mr. Widmer said. With characteristic modesty, he added: "The more I read, I realize the less I know."
