Julius Baer Increases Managed Assets
May 19 2016 - 3:40AM
Dow Jones News
ZURICH—Julius Baer Group AG said Thursday that the Swiss bank's
managed assets rose 2% during the first four months of this year
compared with the end of 2015, to 305 billion Swiss francs ($308.6
billion), as it pursued modest acquisitions and recruited new
bankers.
Zurich-based Julius Baer said net inflows of assets during the
period declined on an annualized basis to below 3%, however. This
was because of "slow momentum" in Eastern Europe and Latin America,
and the continued pulling of assets by French and Italian clients
declaring the funds in their Swiss accounts to tax authorities in
their home countries, the company said.
Hiring picked up during the first four months of the year, with
the addition of more than 30 relationship managers, or private
bankers, Julius Baer said. The bank said locations doing the hiring
included Asia, where Julius Baer and other Swiss banks are
attempting to bulk up to court an increasing number of wealthy
clients in the region.
Recent acquisitions include an increased stake taken by Julius
Baer in Italian wealth manager Kairos, and in subsidiaries focused
on Brazil and Japan.
Julius Baer publishes detailed financial reports twice a year.
In between those reports, it publishes brief financial updates of
the sort released Thursday.
Write to John Letzing at john.letzing@wsj.com
(END) Dow Jones Newswires
May 19, 2016 03:25 ET (07:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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