Julius Baer Managed Assets Grow
November 10 2015 - 4:30AM
Dow Jones News
ZURICH—Julius Baer Group AG said Tuesday that the Swiss bank's
assets under management rose 2% from the end of 2014, even as
clients in Western Europe continued to pull money out and inflows
from some regions slowed.
In an interim report, Zurich-based Julius Baer said assets under
management grew during the first 10 months of 2015 to 297 billion
Swiss francs ($295.7 billion). The bank said the result was due to
market performance and acquisitions, including the purchase of Bank
of America Corp.'s Merrill Lynch wealth-management business outside
of the U.S., which was first announced in 2012.
Julius Baer said that the strengthened Swiss franc took a bite
out of its managed assets, which saw an 11 billion franc negative
currency impact.
Net inflows were affected as clients in France and Italy
continued to pull money out as they declared their Swiss accounts
to tax authorities at home, Julius Baer said, and due to a slowdown
in net new money from Eastern Europe and Latin America.
Net inflows were "just below the low end" of the bank's target
range of 4% to 6% growth, Julius Baer said.
Julius Baer said its gross margin for the first 10 months of the
year was 0.95 percentage point, compared with 0.94 for all of
2014.
The bank releases detailed financial results twice a year, in
addition to interim reports.
Write to John Letzing at john.letzing@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 10, 2015 04:15 ET (09:15 GMT)
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