Switzerland’s wealth managers bank on a future in Asia [FT.com - Mergermarket]
JULIUS BAER GRP UNSP/ADR (JBAXY)
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Source: FT.com - Mergermarket
Owen WalkerChan Ho-himOctober 16 2024Jump to comments sectionUnlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The rich have always been welcomed in . To spend, but more importantly to hoard. Across the country, in secretive locations, banks operate underground vaults and storage facilities — often converted military bunkers that have been hewn from mountain rock. Some have no roads nearby and can only be accessed by air.At one facility 40km south of Lucerne, storage company Brünig Mega Safe is carving into an imposing mountain and plans to offer “professional and secure storage of assets in underground caverns” for anything from gold bars and stock certificates to artworks and classic cars. Prices start at $500,000 for a 25 sqm vault.For three centuries, the country has also offered the rich reliable, specialist advice on managing and investing their money. In times of war, political turmoil and rising taxes, th
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