Swiss bank accuses Macquarie of distorting valuations for higher fees

One of Switzerland’s largest banks has accused Macquarie of inflating the value of a poorly performing investment to charge higher fees, and refusing to answer questions about how the company, an Indian education technology platform, was being managed.

In a letter to Macquarie Capital’s global head, Michael Silverton, Julius Baer’s chief investment officer, Yves Bonzon, said the local asset manager was not incentivised to “devalue the position” in Byju’s even after other investors, including BlackRock, slashed their valuation of the company from $US22 billion ($34 billion) to just $US1 billion.