Julius Baer International, the London-based asset management arm of Julius Baer, has outsourced custody and administration to the Bank of New York (BNY) in London.

Julian York, vice-president of business development and marketing at Julius Baer International in London, said that the move is designed to allow the London-based operation to focus on private client fund management, its core activity. The Julius Baer group runs roughly £50bn (€82.5bn) from London.