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Gulf Insider
2 days ago
- Business
- Gulf Insider
Shaj Babu: Preserving Wealth Across Generations
Shaj Babu, CEO of Julius Baer Bahrain, reflects on the wealth management firm being on the cusp of marking 50 years of presence in the Kingdom. In this exclusive interview, we learn about how Julius Baer witnesses shifting client preferences as the younger generation looks to alternative forms of wealth management. Now in its third edition, Business Leaders in the Middle East brings together sharp insights from across the region. These aren't mere interviews; they're windows into how leadership is evolving in a world shaped by rapid digital transformation. Technology touches nearly every industry now, and these leaders show us how to navigate change with purpose. Julius Baer's expansion into Bahrain was initiated by the Group's acquisition of Merrill Lynch's International Wealth Management businesses in 2013. Since then, 95% of Merrill Lynch Bahrain's clients moved to Julius Baer in recognition of our values, heritage, and innovation. Next year, we will proudly celebrate 50 years of continuous presence in the Kingdom. This milestone not only showcases our long-term commitment to Bahrain but also reflects the deep trust we have built with clients in the region through our personalised advisory services. Julius Baer began as a family-owned business over 130 years ago and has since grown into a fully listed global entity. This history gives us a unique perspective on understanding the challenges families face when managing and preserving wealth across generations. Our identity as a pure-play wealth manager sets us apart. It allows us to focus exclusively on our clients' best interests without the distractions of other business lines. In a region like the Middle East, where much of our clients' wealth is often generational, and where financial legacy forms the lifeblood of both family and national economies, that focus matters more than ever. Bahrain is a prime example. Our 50-year presence in the Kingdom is a testament to our commitment, consistency and ability to grow with our clients. Clients in Bahrain are increasingly looking for long-term solutions to help them navigate the complexities of transferring wealth across generations. Our role is to guide families through this journey, to help them secure amore stable and sustainable financial future through a smooth handover of their wealth to the next generation. We also see strong interest from clients in the region for Shariah-compliant products. At Julius Baer, we have enhanced our Islamic finance offering to include a range of 3rd party solutions, including Sukuks, Islamic funds and structured products, in addition to in-house products such as Commodity Murabaha Financing, to cater to their needs. The next generation represents conscious consumers and responsible investors, prioritising impact and values in their decision-making. We are seeing a shift in their investment preferences, with a rising interest in alternatives, digital assets, and thematic investment strategies to diversify their portfolios beyond traditional asset classes. It is our responsibility to bridge this generational shift in mindset between current and future generations with the right guidance and education. At Julius Baer, we believe that people remain at the heart of our business. Our clients value the trust, continuity, and personal connection we offer through personal advisory relationships. Technology does not replace that; it enhances it. Tools like AI and digital innovation help us serve clients faster, more effectively, and in ways that are tailored to their evolving preferences. These tools empower our advisors, but personal connection and empathy remain the core of what we do. Our team leverages cutting-edge financial tools such as Julius Baer's Digital Advisory Suite, which streamlines the investment process, and digital onboarding tools like video identification and e-signatures that make account opening seamless for clients. To me, focus means putting the client at the core of everything we do and never losing sight of that. Our values, our legacy and our drive towards innovation are all centred on one end goal, securing our clients' financial futures and being their trusted partners across generations. Being in Bahrain for the past 50 years has allowed us to leverage deep relationships and build enduring partnerships. Our team in Bahrainis fully aligned around this purpose: positioning Julius Baer as a trusted personal wealth advisor. While Bahrain is small in terms of market size, it has long served as a critical hub for business and financial services. That legacy remains strong today. In addition to serving clients locally, we extend our reach to clients domiciled in Saudi Arabia's Eastern province, Jeddah and Riyadh. Saudi Arabia, as we all know, is rapidly transforming into a new regional financial hub, and the opportunities it presents both in Bahrain and beyond are growing exponentially. So, success in Bahrain is not only defined by the opportunities presented in the country but also by business acquired beyond our borders. Professionally, success means establishing a bond of trust, building a reputation that extends beyond transactions, and positioning myself, the team and Julius Baer to remain as the wealth manager of choice for our clients. More Insights
Daily Mirror
3 days ago
- Entertainment
- Daily Mirror
Johnny Depp's secret new life in rural Sussex with sprawling mansion
Johnny Depp has reportedly ditched Hollywood for a sprawling Sussex mansion - hidden behind Gothic gates, and locals say he's been spotted "shopping quietly" and "enjoying country walks" Johnny Depp has traded the chaos of Hollywood for the quiet life of a secluded country mansion in East Sussex. The Caribbean actor appears determined to find peace in the rolling hills of rural England. Locals have spotted the 62-year-old Hollywood star strolling the high street in nearby Wadhurst and have also been seen wandering the grounds of his impressive and historic home. The ten-bedroom manor dates back to the 1850s and is hidden behind towering trees, ornate gates, and Gothic statues. The estate includes sunken gardens, water features, orchards, an open-air amphitheatre, and two staff cottages. According to a report, the star has often been spotted enjoying breakfast on a terrace overlooking the Sussex countryside. 'Mr Depp knows this area well and he loves it here,' a local source said. "It's a beautiful home and very peaceful.' His connection to the area reportedly began with visits to his late friend, guitarist Jeff Beck, who offered support during Depp's darkest days, even inviting him on stage when others turned their backs. Depp stayed at Beck's 16th-century farmhouse during the pandemic and remains close to Beck's widow, Sandra. Unlike the Cotswolds - favoured by stars like Hugh Grant, Stella McCartney, and Ellen DeGeneres - East Sussex offers anonymity. 'Johnny's choice of a very quiet corner of Sussex rather than the goldfish bowl that the Cotswolds has become for big stars tells you all you need to know about his mindset: he wants peace and quiet,' one showbiz insider told The Daily Mail. 'And he has no interest in being judged by the kind of people who walked away from him.' Depp's career was nearly destroyed after losing a UK libel case in 2020, being labeled a "wife beater," and then dropped from major roles, including Fantastic Beasts and Pirates of the Caribbean. Although he won a U.S. defamation case against Heard in 2022, the damage to his reputation was severe. 'I was shunned, dumped, booted, deep-sixed, cancelled, however you want to define it,' Depp said in a recent interview. 'Would I rather have not gone through that? Of course. But I learned more than I ever dreamed I could.' Now he's making a slow return as he was recently chauffeured from Sussex to the London premiere of Modigliani: Three Days On The Wing Of Madness—his first time directing since 1997. The film, set in WWI-era Paris, stars Riccardo Scamarcio and Al Pacino. His current residence is owned by multimillionaire Prudence Watts, 74, known locally for her garden centre and quiet philanthropy. The home, regarded as one of the finest in the area, reportedly rents for between £30,000 and £40,000 a month. It is owned by Prudence Watts, whose late husband, Kevan Watts, was a banker known for helping turn Merrill Lynch into a major global financial firm. Despite the tight security around the property, Depp's presence has caused little disruption in the area. 'He seems like a really nice, down-to-earth bloke,' said one local 'Being in East Sussex will do him some good.' Another person added: 'None of us are perfect—not even Johnny Depp. If I see him again, I'm going to ask for a selfie. I'm sure he won't mind.'
Daily Mail
17-07-2025
- Business
- Daily Mail
Married city banker sacked after brief affair with junior colleague claims she became ‘unhinged' when she learned his wife was pregnant, tribunal hears
A married city banker who was sacked over an affair with a junior colleague claims she became increasingly 'sinister and unhinged' after finding out his wife was pregnant. Stanislav Stepchuk, a former director at Merrill Lynch, is suing the US investment giant for sex and age discrimination after it dismissed him for 'reckless and inappropriate' behaviour. He claims the bank decided it was 'safer' to get rid of him, a man in his 30s, than a woman in her 20s. At an employment tribunal in London, Mr Stepchuk said the woman pursued him relentlessly at the bank, her first job after university, in 2022. Talia Barsam, for Mr Stepchuk, said the woman - known as Colleague A - became 'increasingly hostile' when Mr Stepchuk tried to break off their 'brief, consensual relationship'. When he told her that his wife was pregnant, the woman began to 'taunt and threaten' him with 'sinister and unhinged remarks', it was claimed. She sent him text messages including 'any lie is suicide' and 'you need to stay alive to take care of your family'. On one occasion, it's claimed, Colleague A told Mr Stepchuk she would not mind being a 'murderer' of his unborn child. Merrill Lynch is an investment and wealth management subsidiary of Bank of America, with offices in the City of London Ms Barsam said: 'In contrast to the support received by Colleague A, [Mr Stepchuk's] concerns regarding Colleague A's threats were ignored. The difference in treatment is explained by [his] sex and age.' She said the decision to sack him was 'rooted in discriminatory and gendered assumptions about the way men and women conduct sexual relationships', adding Merrill Lynch had assumed a man in his 30s was more likely to be 'the aggressor in a sexual dynamic' and a woman in her 20s 'an innocent victim'. The tribunal heard Mr Stepchuk invited the woman to a WhatsApp chat on January 3 2023. Within an hour, he started sending her overtly sexual messages. Days later he sent her two intimate photos of himself and persistently asked her to send nudes, which she declined. Claire Darwin KC, for Merrill Lynch, suggested the woman had been shocked and uncomfortable by the advances. But Mr Stepchuk insisted: 'She was engaged in flirtatious behaviour and showed no sign of discomfort about me sending the messages. The day before she said she wanted to have sex with me even though she knew I was married. 'It was clear to me that she liked me and was attracted to me. The way she looked at me, her invitation to go for a drink, her chats with me in the office - she was pursuing advances towards me. I did not pursue her.' Asked about a message the woman had sent him revealing she was a virgin, Mr Stepchuck said: 'She was throwing more coal on the fire. When she found out my wife was out of town, she immediately asked me for a date.' Ms Darwin suggested he was lying about the woman making the first move, telling him: 'You realised that unless you an invented an invitation, the aggressive way you went about approaching Colleague A was reckless, risky and inappropriate.' The tribunal continues.
Bloomberg
11-07-2025
- Business
- Bloomberg
Bloomberg Masters in Business: Richard Bernstein
Barry speaks with Richard Bernstein, CEO and Chief Investment Officer of Richard Bernstein Advisors. Rich has over 35 years′ experience on Wall Street, most recently as the Chief Investment Strategist at Merrill Lynch. Prior to joining Merrill Lynch in 1988, he held positions at E.F. Hutton and Chase Econometrics. They discuss the growth in his firm, the overall macro investment environment, and state of markets today.
Toronto Sun
09-07-2025
- Business
- Toronto Sun
Ex-banker fired for 'serious misconduct' after office affair files discrimination suit
Ex-Merrill Lynch director dismissed for threatening female subordinate while wife was pregnant Stanislav Stepchuk is suing American investment bank Merrill Lynch for sex discrimination. Photo by Stanislav Stepchuk / LinkedIn A former banker in England is suing for sex discrimination after he was dismissed from his job for having an affair with a younger colleague while his wife was pregnant. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Stanislav Stepchuk was working as a director at American investment bank Merrill Lynch in London when he began messaging the underling in January 2023. Days later, he sent the woman an unsolicited 'intimate photograph' of himself. According to Britain's Daily Mail , Stepchuk told an employment tribunal they texted each other 'sexually explicit and highly personal' exchanges on WhatsApp. In one message, the woman — referred in employment court as Colleague A — revealed she was a virgin who wasn't experienced in bed. During the hearing, the employment tribunal heard they began a relationship and were intimate twice. But by August 2023, Stepchuk said he tried to end the tryst after learning his wife was pregnant. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Read More Stepchuk claimed the woman responded to his request with 'hostility, taunts and threats' and that if she revealed the relationship to the bank it would affect his wife, her pregnancy, his child, his parents and possibly put his life in danger. Despite Stepchuk's allegations, an internal review by the bank found he threatened her and they fired him for engaging in an office romance. 'He was terminated for serious misconduct, including acting inappropriately while pursuing sexual relations with a junior colleague and threatening her for complaining to our human resources team,' a Merrill Lynch spokesperson told the outlet. This advertisement has not loaded yet, but your article continues below. 'The bank went through a robust disciplinary process before dismissing. His claims were thoroughly investigated and found to have absolutely no merit.' Stepchuk, now a father of two, filed a lawsuit against Merrill Lynch alleging sex discrimination and harassment, age discrimination and unfair dismissal. He accused the bank of not fairly investigating his grievance. RECOMMENDED VIDEO Stepchuk's identity became public knowledge during a preliminary hearing after an employment judge was asked to rule on whether their names would be kept private. The judge decided that revealing her name was 'irrelevant' to the dispute, while Stepchuk's identity couldn't be protected because he publicly brought the action to the court. 'I consider the expectation of privacy lower in an extramarital affair at work, where the risk of discovery is acknowledged by (Mr. Stepchuk) and Colleague A in the WhatsApp messages,' Judge Christabel McCooey said. 'However, as a third party to these proceedings, I do not find it foreseeable that discussion of her sexual inexperience would be before a public employment tribunal.' Toronto & GTA Olympics Columnists Toronto Maple Leafs Basketball
