CEO of Julius Baer, Switzerland's biggest private bank, has died unexpectedly.

CEO of Julius Baer, Switzerland's biggest private bank, has died unexpectedly.
Alex Widmer, a widower, died aged 52, leaving behind three children.It has been reported that close friends of Mr Widmer's family said he committed suicide, though Swiss police will not confirm this.The CEO of Julius Baer, Switzerland's biggest private bank, has died unexpectedly.Alex Widmer, a widower, died aged 52, leaving behind three children.It has been reported that close friends of Mr Widmer's family said he committed suicide, though Swiss police will not confirm this.Julius Baer dates back to the 19th century and manages more than 360billion Swiss franch in assets for wealthy individuals and institutions.Shares in Julius Baer have lost some 60 per cent this year as markets have worried about outflows at its hedge fund GAM.However a spokesman for the bank said there was no link between Mr Widmer's death and the group's current activities, but declined to give further details on the cause of death on Wednesday night.A source said employees at the bank had been told Widmer had died from an unspecified illness. In an interview with Bloomberg conducted the day before his death, Mr Widmer said: 'Even if global wealth creation is getting slower, we should do better than the rest.'A Zurich-based trader who did not want to be named said: 'It is a great shame. It is very sad. He [Mr Widmer] embodied Julius Baer. He was the most important person in private banking.'Following the news, shares in Julius Baer fell 6.5 per cent to 34.60 Swiss francs, underperforming a 1.5 per cent drop in the DJ Stoxx index of European banking stocks.