Swiss private bank Julius Baer sponsors first all-electric ePrix
By Katharina Bart
ZURICH (Reuters) - Swiss private bank Julius Baer said on Friday it will be the exclusive global sponsor for the world's first all-electric car racing series, setting itself apart from bigger rivals which spend vast sums for Formula One cachet.
While Formula One relies heavily on the glamour of Ferrari and tracks in Monaco and Monza, Formula E is aimed at a younger audience, has women racers and will race in city centres, over shorter distances and with very different cars.
Banks like Baer and UBS, the world's largest wealth manager by assets, rely heavily on sponsoring cultural and sporting events as perks for their well-heeled clientele, and as a platform to entertain prospective clients.
While UBS, for example, is estimated to pour tens of millions of dollars into Formula One racing annually under a 2010 sponsorship deal, Baer will be shelling out a single-digit million euro sum on Formula E sponsorship and marketing.
Experts say this is a sensible move.
"Julius Baer has chosen something that is new and fresher, and a development that is international, far more eco-friendly and futurist than other motorsports," said Aite Group consultant Stephen Wall.
It would benefit Baer by "attracting new clients, different types of clients perhaps, and of course the next generation of clients", Wall said.
Julius Baer's logo will adorn Formula E cars and the race track as part of the sponsorship deal. The first race, or 'ePrix', will be held in Beijing on Saturday.
Formula E Chief Executive Alejandro Agag says Formula E wants to help kickstart the market for electric vehicles and win over customers put off by the cost of cars and the limited distances they can drive.
It has signed up commercial partners including French carmaker Renault SA and tyre company Michelin for races in cities across the globe.
Maximum racing speeds will be about 225kph (140mph), compared to the 340kph likely to be reached by Formula One cars at Monza this weekend, and drivers must switch cars at the sole mandatory pitstop because of the limitations of battery technology.
(Additional reporting by Keith Weir in London; Editing by Stephen Coates and Susan Thomas)
