A pair of senior executives of the US asset management business of Julius Baer, the Swiss wealth business, earned compensation packages worth $120m (€82m) in the first nine months of 2007, according to a regulatory filing ahead of the unit's flotation planned for this year.

Richard Pell, chief executive and chief investment officer of Julius Baer Investment Management, and Rudolph-Riad Younes, head of international equity, together earned compensation packages worth $120m for the first three quarters of last year, causing pre-tax earnings to be reduced by 57% to $92m, according to analysis by Bear Stearns banks analyst Christopher Wheeler.