Since the onset of the credit crunch investors and analysts appeared to believe that Julius Baer had the right business model to ride-out financial turmoil. It was after all meant to be a “pure play” wealth manager with little or no exposure to the toxic mortgage-backed securities that started today’s mess in the world economy.

But investors now view Julius Baer less sanguinely - with its share price being savaged in the last month, falling more than 30% to trade at below SFr45 a share yesterday.