Industry Julius Baer

Customer Testimonials

QCommission provides excellent return on investment for Julius Baer.

 

Julius Baer Group is the leading pure-play Investment Management firm in Switzerland and has a strong international focus. The Group, whose roots date back to the 19th century, concentrates exclusively on the fields of private banking and asset management for private and institutional clients. A decisively client-centric approach as well as premium investment products combined with comprehensive investment know-how are the strengths of Julius Baer. The Julius Baer Group's global presence includes 3,512 employees in 31 locations in Europe, North America, Latin America and Asia, including Zurich (head office), Dubai, Frankfurt, Geneva, Hong Kong, London, Lugano, New York, Singapore and Tokyo.

The New York location of Julius Baer had long struggled with the commission calculations for their Sales Executives. Commissions had to be calculated monthly, but paid out once a quarter. Investment fees had to be calculated against customer investments. Customer accounts and investment tranches had to be associated with individual sales executives. Commission rates had to be determined based on Net Asset Value on a monthly basis, even as the commission rate changed by the number of months from when the investment was initiated.

All of these calculations were done manually using Excel spreadsheets. Commissions calculations and statements were normally delayed and would be delivered almost 45 days in arrears. Invariably errors in calculations would creep in resulting in mis-calculated fees and commissions. Sales executives were affected quite a bit and a lot of time was spent on resolving these issues.

Stan O'Marra, Director of Investment Analysis, set out to find a solution what would accommodate the complex needs of Julius Baer. After a rigorous analysis, he decided upon QCommission, due to the comfort he had with the customized demo provided by CellarStone, the cost effectiveness of the solution and the expertise demonstrated by CellarStone.

During the implementation of the solution, the CellarStone team was able to convert all the existing data necessary for proper calculation of the fees and commission. During the process many data errors were uncovered and corrected. QCommission was able to accurately calculate and pay commissions. What used to take days now took only hours.

"The CellarStone team understood our problem completely and unstintingly spent time resolving every issue we ran into.", according to Stan, "They were even able to correct errors that were due to business processes and not just due to the system. They also helped us through two quarter of calculations, as we worked through our data issues."

The new commissions calculations is very accurate and provides a very clear statement for the sales executives' use. The statement and calculation results are available in a timely manner. The number of complaints from the sales executives have reduced dramatically. "We are saving days of time from our calculation cycle, and able to save hundreds of thousands of dollars in commissions payments. I would recommend them to other Investment Management firms in a heartbeat", said Stan.