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Private wealth not working for Macquarie in Asia

Macquarie Group will scale back its operations in private banking in Asian markets and instead refer clients to Julius Baer, a Swiss-based private bank. Julius Baer in turn will make some of Macquarie's investment banking product available to Julius Baer clients.Julius Baer, which announced the plan yesterday, said Macquarie Private Wealth Asia manages  client assets of around US$1 billion through offices in Singapore and Hong Kong.

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