GAM to acquire Augustus Asset Managers Ltd.

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Zurich / London, 1 April 2009 --- GAM (UK) Ltd., a wholly-owned subsidiary of Julius Baer Holding Ltd., is to acquire Augustus Asset Managers Ltd., the successful London-based fixed income and foreign exchange investment management company. Closing of the transaction, the terms of which are not disclosed, is expected to occur at the end of April 2009, subject to necessary regulatory approvals.

Augustus Asset Managers Ltd. (AAML) was established at the beginning of 2007 as a part of a management buy-out from Julius Baer Holding Ltd. with a view to enabling the business to develop as an independent asset manager, whilst continuing to service Julius Baer branded funds, their largest clients. The majority of the AAML mandates, mutual and hedge funds performed well through the challenging 2008 calendar year and have continued to perform well during the first quarter of 2009. Nonetheless, given the new market environment, all parties consider that the franchise and clients will be better served as part of a larger organisation backed up by the global strengths of GAM and the Julius Baer Group.

AAML had assets of USD 7.6 billion at the end of 2008, the majority of which relates to the Julius Baer branded Absolute Return Bond and Local Emerging Markets Bond funds, but also includes the JB Global Rates Hedge Fund amongst other hedge funds.

"Augustus is a strong addition to our Group's investment expertise at a time of increased investor interest in specialised fixed income and currency-related investments", comments David M. Solo, CEO of ...