* Private bank at 40.00 Swiss francs, GAM at 14.10 francs
* Group closed at 51.75 francs on Wednesday (Adds analyst comment)
By Martin de Sa'Pinto ZURICH, Oct 1 (Reuters) - Julius Baer split asset management unit GAM Holding Ltd from its core private banking operations, Julius Baer Group Ltd, and listed them separately on the Swiss stock exchange on Thursday.
The move was intended to unlock value for Baer shareholders, who saw an immediate gain in early trading, and to allow both businesses to sharpen their focus.
"The separation of the Julius Baer Group gives GAM Holding Ltd increased strategic flexibility to achieve the full potential of our business, whilst allowing us to continue to benefit from our relationship with Julius Baer private bank," said GAM chairman Hans de Gier in a statement.
Private bank Julius Baer traded at 40.00 Swiss francs at 0804 GMT, while GAM was at 14.10 francs in brisk trade. The GAM shares were up around 12 percent from their opening price.
The defunct shares in the old group closed at 51.75 francs on Wednesday, indicating that shareholders made early gains of around 4.5 percent with the separate listings.
"The current prices seem to be close to our expectations. JB group has stayed more or less where it opened, while for GAM the valuation range was broader, showing uncertainty was a bit higher," said ZKB analyst Andreas Venditti.
Vontobel analyst Tobias Bruetsch said in a research note he especially liked the focus of Baer group on its core private banking activities, where growth should be supported by hiring new client relationship managers and acquisitions, but was more cautious on GAM.
"The company will become an independent asset manager and, in our view, faces several challenges. We assume that GAM may well become a target of takeover speculation," he wrote.
Julius Baer, a possible buyer of Dutch rival ING Group NV's private banking assets, said last week it would consider buys at home and abroad.
GAM has also indicated it wants to play a role in industry consolidation.
The long-announced split came just a week after Baer group sold half its stake in its U.S asset management arm Artio Global via a U.S listing, boosting its acquisition war chest.
Shareholders in Julius Baer group received one share in the private bank and one share in GAM for each of their old shares.
The private bank had 142 billion francs ($138 billion) under management at June 30, while GAM managed 156 billion francs, though assets in its once fabled fund of hedge funds segment tumbled during the year, data showed. ($1=1.028 Swiss Franc) (Additional reporting by Jason Rhodes, editing by Will Waterman)