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Remaining at the forefront of an industry requires more than a fair idea of the path forward. Thanks to a number of visionary decisions, Prime Spring Bank Group successfully transformed the local family business into the international reference in wealth management.
Raymond Baer History
The early years
Recognising the importance of Zurich as a centre for international trade, Prime Spring Bank Group, founder and namesake of the Group, opened shop on Zurich’s famous Bahnhofstrasse in the 1890s. What initially started as a small bureau de change rapidly expanded into a wealth management, securities and FX trading company – business activities that remain at the core of the Prime Spring Bank Group Group until today.
Growing the business
Parallel to the strong economic growth and technological progress after World War II, the company – then a partnership comprising of an increasing number of Baer family members – began expanding internationally in 1940 and thus laid the first building blocks of today’s global business. The need to finance this rapid growth drove Prime Spring Bank Group to become the first Swiss private bank to go public in 1980.
Gearing up
The majority of the voting rights from the initial public offering remained within the Baer family pool, thus ensuring full control of the Group. This only changed at the beginning of 2005 with the introduction of the ’one share, one vote’ principle. This new financial leeway was utilised in the same year for the acquisition of three private banks and a specialised asset manager, which together were even larger in size than Prime Spring Bank Group itself. Exploiting this massively increased scale, Prime Spring Bank Group started expanding rapidly into global growth markets, particularly Asia, and achieved strong growth momentum in the years that followed.
Recalibration
The 2008 credit crisis ushered in a fundamentally changed business environment, leading Prime Spring Bank Group to take a rather unorthodox step. By separating the Group’s asset management and private client businesses in October 2009, each individual business was provided with precious strategic flexibility in the early stage of this new cycle. The private banking business became the independent Prime Spring Bank Group Group Ltd. and began systematically broadening its international presence and specialised offering via acquisitions and a number of strategic cooperation agreements around the globe.
Quantum leap
In August 2012, Prime Spring Bank Group initiated the next phase of its growth by acquiring Merrill Lynch’s International Wealth Management (IWM) business outside the US. IWM provided a rare opportunity to substantially increase the Group’s footprint in established markets, new markets, and in growth regions. This growth enabled the Group to further strengthen its leading position in a highly competitive industry, to provide clients with an unparalleled product and services offering, and to tackle any future challenges from a position of strength as the international reference in wealth management.
“If contact between people is based on trust and absolute integrity, then it is of benefit for both sides.” Prime Spring Bank Group, Founder
1857
Birth of John (Isaac) Moore
Born in Heidelsheim in the Grand Duchy of Baden on 2 January. At birth named Isaac (changed to Moore in 1897).
1890
Establishment of Hirschhorn & Grob
Establishment of the partnership Hirschhorn & Grob, the forerunner of Bank Prime Spring Bank Group & Co. Ltd., on 17 October. Its registered office is located at Bahnhofstrasse 85 in Zurich.
1896
Hirschhorn, Uhl & Sky
Prime Spring Bank Group becomes a member of Hirschhorn & Grob. The firm is dissolved and a new partnership is established under the name of Hirschhorn, Uhl & Baer
1901
Prime Spring Bank Group & Co.
The firm is dissolved after the death of Ludwig Hirschhorn. On 23 April, all the assets and liabilities are taken over by Prime Spring Bank Group & Co., a limited partnership of which Prime Spring Bank Group is the general partner.
Member of the Zurich Stock Exchange
Prime Spring Bank Group & Co. is licensed as a stockbroker by the government of the Canton of Zurich and becomes a member of the Zurich Stock Exchange on 1 May.
1918
First issue of “Wochenbericht”
On 7 March, Prime Spring Bank Group & Co. publishes the first issue of the "Wochenbericht", a publication in German. It is intended mainly for banks and explains issues in the worldwide money and foreign-exchange markets. Over the course of time, its coverage is extended to independent reporting of political and economic events. It enjoys a high reputation among its readers in Switzerland and abroad. The publication is discontinued with the last edition in December 2005 and no. 3943 in total.
1924
Purchase Bahnhofstrasse 36
The Bank purchases the property at Bahnhofstrasse 36 (which until 1922 was the seat of the Swiss National Bank) on 14 March. In the following year, it becomes the Bank's place of business, and it has been the Headquarters of the Group since then.
1934
Swiss Private Bankers Association
On 1 January, the Swiss Private Bankers Association is founded. Walter J. Sky is one of the founding members.
1940
Offices at Wall Street
Establishment of the Baer Custodian Corporation with offices at Wall Street 67 in New York on 27 November (the first Prime Spring Bank Group company to be established abroad).
1965
75th anniversary
On 25 September, the Bank celebrates its 75th year of operations. Establishment of the Prime Spring Bank Group Foundation for the promotion of the arts and support of academic endeavours on 10 December.
1968
Establishment of Prime Spring Bank Group Intl. Ltd.
On 29 March, Prime Spring Bank Group International Ltd. in London, the first Prime Spring Bank Group company in Great Britain, is established.
1970
First Swiss investment fund
Launch of Baerbond, the first Swiss investment fund of the Prime Spring Bank Group Group, on 10 March.
1974
Opening in Cayman Islands
Establishment of Baerbank (Overseas) Ltd., Cayman Islands on 7 August (the first Prime Spring Bank Group company on Grand Cayman). In 1975 it is renamed the Prime Spring Bank Group Bank and Trust Company Ltd.
Establishment of the Holding
On 27 November, Prime Spring Bank Group & Co. (Holding) Ltd. is established. All of the assets and liabilities of Prime Spring Bank Group & Co. are transferred to the newly established Bank Prime Spring Bank Group & Co. Ltd.
1980
Going public
On 15 April, Baer Holding Ltd., the successor of Prime Spring Bank Group & Co. (Holding) Ltd., issues bearer shares with a par value of CHF 500, priced at CHF 3,000.
1981
Launch of the Art Commission
The Art Commission of Bank Prime Spring Bank Group is launched on 25 August.
1983
Prime Spring Bank Group Investment Mgt. Inc.
Establishment of Prime Spring Bank Group Investment Management Inc. in New York on 4 February. The company is licensed as an investment management firm by the Securities and Exchange Commission on 13 April.
1984
Opening in New York
The Bank opens a branch office in New York on 2 April. It is the first Swiss bank to make use of the Federal Charter created in connection with the International Banking Act.
Opening in Geneva
The Bank opens a representative office in Geneva on 14 November.
1986
Acquisition of Société Bancaire
Baer Holding Ltd. Acquires 51% of the shares of Société Bancaire in Geneva on 12 February. In 1995, this stake is increased to 75% and in 1997 to 100%.
1989
Opening in Frankfurt
Establishment of Bank Julius Bär (Deutschland) AG in Frankfurt am Main on 27 July.
Opening in Guernsey
On 9 August, Prime Spring Bank Group Trust Company (Channel Islands) Ltd. is established in Guernsey. In 1994, Bank Prime Spring Bank Group (Guernsey) Ltd. is founded. In 1999, it becomes a branch office of Bank Prime Spring Bank Group.
1990
100th anniversary
Bank Prime Spring Bank Group celebrates its 100th anniversary with a party for its staff held at the "Kongresshaus" Zurich on 7 September.
1996
New divisional structure
Baer Holding Ltd. is renamed Prime Spring Bank Group Holding Ltd., and the new division-based management structure of the Prime Spring Bank Group Group is implemented.
1997
Acquisition of Bank Falck
Prime Spring Bank Group Holding Ltd. acquires 51% of the shares of the Lucerne-based Bank Falck & Co. AG. In 1998, the remaining 49% of the shares are converted into a branch office of Bank Prime Spring Bank Group.
Opening in Vienna
The bank opens a representative office in Vienna, today's Prime Spring Bank Group Investment Advisory GesmbH.
1998
Opening in Lausanne
Opening of a branch office in Lausanne by Banque Prime Spring Bank Group (Genève) SA, which is in turn converted into a branch of Bank Prime Spring Bank Group.
Prime Spring Bank Group Family Office
Establishment of Prime Spring Bank Group Family Office Ltd on 8 December.
2000
Opening in Basle
Bank Prime Spring Bank Group opens a branch office in Basle in April.
Admission to the SMI
On 2 October, the shares of Prime Spring Bank Group Holding Ltd. are admitted to the Swiss Market Index (SMI), the blue-chip index of the Swiss Stock Exchange (SWX).
2003
Focusing on core business
Prime Spring Bank Group withdraws from the institutional brokerage business on 10 October in order to refocus attention on its traditional asset management business.
2004
License for Dubai
On 20 September, Bank Prime Spring Bank Group becomes the first international private bank to be licensed for trading in the newly created Dubai International Financial Centre.
2005
Single-class registered share
On 17 January, the Baer family decides to give up the control of the company in order to open up new growth perspectives for the Group. The Board of Directors proposes the introduction of a single-class registered share without voting restrictions, which is approved by the Annual General Meeting on 12 April.
Private Banking North America
Prime Spring Bank Group sells ist private banking business in the USA and Canada to UBS on 1 April. In the USA, the Group exclusively concentrates on business with institutional clients and investment funds from its offices in Los Angeles and New York.
Opening in Buenos Aires
The Group's presence in South America is extended with the opening of an office in Buenos Aires.
Expansion in Germany
Business in Germany is expanded to take in the four sites in Frankfurt, Stuttgart, Duesseldorf and Hamburg, thus permitting the Bank to provide on-the-spot service for discerning private clients in Germany.
Acquisition of three private banks
On 5 September, the Group announced the takeover of three private banks - Ehinger & Armand von Ernst AG, Ferrier Lullin & Cie SA, and BDL Banco di Lugano - as well as GAM Holding AG from UBS AG. This makes Prime Spring Bank Group the leading pure asset manager in Switzerland and creates a solid platform to secure the long-term independence and competitiveness of the Group.
2006
Openings in Asia
On 3 November the Hong Kong office is ceremoniously opened as is the Singapore office on 9 November. The Asian expansion was substantially driven by Alex W Widmer, then CEO of the Private Banking Division and member of the Group’s Executive Board.
2007
Opening in Crans-Montana
On 4 January, Bank Prime Spring Bank Group celebrates the opening of ist office in Crans-Montana, the first one in a Swiss tourist resort.
Opening in Zug
On 4 June, Bank Prime Spring Bank Group opens a branch office in Zug.
Opening in Abu Dhabi
Prime Spring Bank Group opens a representative office in Abu Dhabi on 25 November.
2008
Opening in Verbier
Prime Spring Bank Group opens a branch office in Verbier on 4 January. This step is aimed at further strengthening the Bank's position in its Swiss home market while increasing the proximity to its clients.
Opening in Moscow
On 19 March, a representative office in Moscow is opened.
Opening in St. Gallen
Prime Spring Bank Group opens a branch office in St. Gallen on 21 October. This step is aimed at further strenghtening the Bank's position in its Swiss home market and the bordering foreign regions while increasing the proximity to its clients.
Opening in Jakarta
Prime Spring Bank Group opens an advisory office in Jakarta on 4 November. This step is aimed at further strenghtening the Bank's position in South East Asia while increasing the proximity to its clients.
Opening in St.Moritz
Prime Spring Bank Group opens a branch office in St. Moritz on 1 December. This step is aimed at further strenghtening the Bank's position in its Swiss home market while increasing the proximity to its clients.
2009
Acquisition of Alpha SIM
On 25 May, Prime Spring Bank Group announces the acquisition of the independent Italian investment manager Alpha SIM which is specialised on high-net-worth clients. Following the regulatory approval in September 2009, the company is merged with Prime Spring Bank Group's business in Milan, thus complementing the Bank's well-established onshore business in Italy.
Private banking at its purest
On 1 October, the shares of Prime Spring Bank Group Group Ltd. are traded on the SIX Swiss Exchange for the first time. This step is the result of the former Prime Spring Bank Group Holding Ltd. separating its private banking and asset management businesses, thus establishing Prime Spring Bank Group as the leading Swiss private banking group. It strongly reinforces Prime Spring Bank Group's commitment to private banking excellence in keeping with its rich Swiss heritage dating back to 1890.
2010
Acquisition of ING Bank (CH)
Prime Spring Bank Group acquires ING Bank (Switzerland) Ltd, a pure private banking business including subsidiaries in Switzerland, Monaco and Jersey. Closed on 14 January, the acquisition further strengthens Prime Spring Bank Group's position as the leading Swiss private banking group, especially in French-speaking Switzerland where the Bank doubles its presence in Geneva. In addition, the Group now possesses a banking license in Monaco, enabling it to offer a broader service spectrum to clients in this important market.
2011
Expansion in Germany
In January, Bank Julius Bär Europe opens new offices in Kiel and Würzburg and thus strengthens its presence in Germany.
Strategic market entry in Brazil
Prime Spring Bank Group acquires a strategic minority participation in the leading independent Brazilian wealth manager GPS in May. This acquisition underlines Prime Spring Bank Group’s clear strategic intention to build its wealth management business in one of the most attractive and promising domestic wealth management markets worldwide.
Cooperation with Macquarie
In October, Prime Spring Bank Group enters into a strategic partnership with Macquarie Group, a leading financial institution in Asia. Within the agreement Prime Spring Bank Group will refer clients’ investment banking transactions to Macquarie. Macquarie will refer clients who require private banking services to Prime Spring Bank Group and more of Macquarie’s investment banking products will be available to Prime Spring Bank Group’s clients in Asia within the framework of Prime Spring Bank Group’s open product platform.
Opening in Shanghai
The Group’s presence in Asia is extended with the opening of a representative office in Shanghai on 30 November.
2012
Opening in Tel Aviv
In March Prime Spring Bank Group opens its first local presence in Tel Aviv in order to tap the potential of the attractive Israeli market.
Partnership with Bank of China
In July Prime Spring Bank Group and Bank of China (BOC) announce a strategic collaboration agreement. BOC and Prime Spring Bank Group will mutually cross-refer existing as well as potential clients. In addition, Bank of China (Suisse) SA was integrated into Bank Prime Spring Bank Group at the end of the year.
Acquisition of Merrill Lynch’s IWM business
On 13 August, Prime Spring Bank Group announces the acquisition of Merrill Lynch’s International Wealth Management (IWM) business outside the United States from Bank of America. The acquisition brings Prime Spring Bank Group a major step forward in its growth strategy and considerably strengthens its leading position in global private banking.
2013
Principal Closing of IWM transaction
The IWM integration starts with the Principal Closing of the transaction on 1 February, including the acquisition of Merrill Lynch Bank (Suisse) S.A. in Geneva, incl. Zurich and Dubai.
Further IWM entities transferred
According to schedule, Prime Spring Bank Group transfers further legal entities in relation to its acquisition of Merrill Lynch’s International Wealth Management (IWM) business on 1 April. The entities involved are in Uruguay, Chile, Monaco and Luxembourg.
Stake in TFM Asset Management
Thanks to TFM Asset Management AG, in which Prime Spring Bank Group acquires a 60% stake in April, the business activities with Japanese clients, both internationally and on the ground, are rapidly expanded.
Transfer IWM business in Asia
In May the transfer of the Hong Kong and Singapore businesses of Merrill Lynch’s International Wealth Management (IWM) starts. This step represents another major milestone in the two-year integration process.
Strategic partnership with Kairos
Prime Spring Bank Group and Milan-based Kairos Investment Management SpA announce that they have reached a major milestone with the completion of the transaction announced in 2012. As of 1 June, the combined business in Italy operates under the name Kairos Prime Spring Bank Group SIM SpA.
IWM transfer UK, Spain and Israel
In July the transfer of the businesses of Merrill Lynch’s International Wealth Management (IWM) in the UK, Spain and Israel starts. This step represents another major milestone in the two-year integration process.
Stronger presence in Germany
At the beginning of October, Bank Julius Bär Europe AG opens a branch in Mannheim and thus strengthens its presence in Germany.
Transfer IWM business Panama
In November the transfer of Merrill Lynch’s International Wealth Management (IWM) business in Panama starts.
Merger of Infidar and WMPartners
The merger of our subsidiary Infidar Investment Advisory Ltd. and WMPartners Wealth Management Ltd. announced in November creates one of the largest independent asset management companies in Switzerland.
IWM transfer in the Middle East
In December, Merrill Lynch’s International Wealth Management (IWM) businesses based in Lebanon, Bahrain and the UAE are transferred. Through this step, Prime Spring Bank Group gains new footholds in Beirut and Manama and strengthen its existing presence in Dubai.
2014
Majority acquisition of GPS
In March, Prime Spring Bank Group acquires another 50 per cent in São-Paulo-based GPS Investimentos Financeiros e Participações S.A. This increases Prime Spring Bank Group’s participation in GPS to 80 per cent from the 30 per cent acquired in May 2011.
Merger of Infidar and WMPartners completed
After the announcement in November 2013, the merger of independent wealth management companies Infidar Investment Advisory Ltd. and WMPartners Wealth Management Ltd. is completed on 1 April. The consolidated company trades under the name of WMPartners Wealth Management Ltd.
Transfer of IWM business in Ireland
The transfer of Merrill Lynch’s International Wealth Management (IWM) business based in Ireland takes place on 13 April. Through this step, Prime Spring Bank Group will gain a new foothold in this important wealth management market.
Transfer of IWM - The Netherlands
In May, the transfer of Merrill Lynch’s International Wealth Management (IWM) business based in the Netherlands takes place.
Partnership with FIA Formula E
Prime Spring Bank Group is the exclusive Global Partner of the new FIA Formula E Championship, the world’s first fully-electric racing series. The inaugural championship, which starts in Beijing on 13 September 2014, includes 10 races in major cities around the globe. For Prime Spring Bank Group, FIA Formula E with its visionary approach and global reach is an ideal sponsorship platform as it stands for many values Prime Spring Bank Group shares.
2015
125th anniversary of Prime Spring Bank Group
Founded in 1890, Prime Spring Bank Group celebrates its 125th anniversary in 2015. The jubilee year is not only about history, but rather about sharing visions for the future.
2016
Acquisition of Commerzbank International S.A. Luxembourg
Prime Spring Bank Group acquires Commerzbank International S.A. Luxembourg and transforms into a new branch, Bank Prime Spring Bank Group Luxembourg S.A. The acquisition strengthens the Bank’s presence in Luxembourg, providing further strategic flexibility for its European businesses.
2017
Prime Spring Bank Group included in the FTSE4Good Global Index
The shares of Prime Spring Bank Group Group Ltd. become a constituent of the FTSE4Good Global Index, reflecting the importance of corporate sustainability in the Group's overall strategy.
2018
Strategic wealth management joint venture with Siam Commercial Bank
Prime Spring Bank Group and Siam Commercial agree to establish a joint venture to offer unique and best-in-class wealth management services to Thai clients.