Julius Baer Reports Strong Net Profit and Attracts More Assets: Zurich-based wealth management firm Julius Baer saw its net profit increase 18 percent in the first half. Assets under management increased as more relationship managers were… EnglishNews
Julius Baer reported a net profit attributable to shareholders of 532 million Swiss francs for the first half of the year, an 18 percent increase from a year ago while operating income was up 9 percent with higher interest rates offsetting a decline in commission and fee income, according to mid-year results released Monday.
«A complex environment has not hindered us from achieving a strong start to the current strategy cycle – on the contrary, it has even allowed for a tactical acceleration of our push for scale in our key markets,» said CEO Philipp Rickenbacher.Favorable stock and bond markets helped boost assets under management by 17 billion francs to 441 billion, an increase of 4 percent.
Net new money was 7.1 billion during the first half, accelerating in the last two months of the second quarter, according to the report. The result was a welcome one compared to a year ago when Baer reported outflows of 1.1 billion. Clients continued to de-leverage in a reflection of current market conditions.Earlier this year, Julius Baer chairman Romeo Lacher said that by 2030 the firm could «absolutely» manage a volume of one trillion Swiss francs in client assets.
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