Julius Baer hits upper end of asset growth target this year to October

Swiss banking group Julius Baer has reported assets under management grew 10% to CHF 187bn in the first 10 months of the year, representing growth towards the upper end of the group’s growth target.

Over the same period, client assets grew by 9% to CHF 274bn.

The Zurich-headquartered group highlighted returns from bond and equities markets as suprs for growth.

Developed European equity markets appreciated by 14.7% by November, with Switzerland an outperformer with 15.55% gains.

Neighbouring Germany, Europe’s largest economy, beat both figures with 21.9% growth, according to index provider Russell.

Julius Baer said client transaction and trading activity was muted around mid-year, but recovered in September and October “albeit not fully to the levels seen on average in the first half of 2012”.

By the end of September, the Group’s BIS total capital ratio was 26.3% and its BIS tier 1 ratio was 24.0%, both ratios benefitting from placing in September 2012 of CHF 250m additional non-core tier 1 capital.

Julius Baer also gave an update on its pending purchase of the international wealth management operations of Merrill Lynch.

Julius Baer completed the financing for the acquisition of the unit excluding Japanese and US business, in October, through a rights issue at CHF 24.20 per share, raising CHF 492m, and said it expects the deal to be completed at the end of January 2013.

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