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Julius Baer MD leaves to head Aberdeen's €57bn Luxembourg office

Julius Baer MD leaves to head Aberdeen's €57bn Luxembourg office

Julius Baer managing director Steen Foldberg has left the Zurich bank to join UK investment management group Aberdeen Asset Management.

Foldberg becomes head of Luxembourg and managing director of Aberdeen Global Services, the fund manager's principal cross-border management company. He will report to Aberdeen group head of product Gary Marshall.

He leaves Julius Baer after four years with the bank, most recently leading the group's Luxembourg entity. 

Aberdeen has had an office in the principality since 2006, from which it manages over 90 funds with assets under management of around €57 billion (£50 billion).

Commenting on the appointment, Marshall said: 'Luxembourg is a key location for Aberdeen given the number of cross-border funds we have domiciled or managed from there, which clients from around the world invest in.'

He added: 'The appointment of someone of the calibre and experience of Steen emphasises our commitment to investing in and building our Luxembourg business. It will be a crucial office – at the heart of Europe - within the combined Aberdeen and Standard Life business.' 

Foldberg, who worked closely with Aberdeen in his previous role, looked forward to joining the firm in what he described as 'such an exciting time in its history'. 

He added: 'I believe Aberdeen is in an excellent position to expand and I look forward to driving growth in Luxembourg and through Aberdeen’s cross border platform.' 

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