Julius Baer AUM down 2% since end 2014

Swiss group Julius Baer has published its results for the first half of 2015.

Its assets under management amount to CHF284bn (€270.1bn), down just 2% (CHF7bn) since the end of 2014.

The group explained that “the positive contribution from net new money of over CHF6bn (4.5% annualised), market performance and the transfer of assets from Leumi Private Bank AG (Leumi) were more than offset by the significant negative currency impact of over CHF20bn.”

Julius Baer’s operating income has grown by 14% to CHF1.4trn (€1.33trn), resulting in the gross margin increasing to 99 basis points (bps).

The adjusted net profit of the group was impacted by the provision of USD350m (€320m) “for the eventual settlement with the US Department of Justice regarding the legacy US cross-border business (the US provision)” and decreased by 62% to CHF 109 million.

Julius Baer has also reached an agreement to acquire a 40% stake in Mexican independent financial advisory firm NSC Asesores. Financial details have not been disclosed.

“The transaction would mark Julius Baer’s entry in the second largest wealth management market in Latin America and underlines the group’s commitment to further extend its footprint in important growth market,” commented the firm.

Adrien Paredes-Vanheule
Adrien Paredes-Vanheule is deputy editor and French-Speaking Europe Correspondent for InvestmentEurope, covering France, Belgium, Geneva and Monaco. Prior to joining InvestmentEurope, he spent almost five years writing for various publications in Monaco, primarily as a criminal and financial court reporter. Before that, he worked for newspapers and radio stations in France, in particular in Lyon.

Read more from Adrien Paredes-Vanheule

Close Window
View the Magazine

I also agree to receive editorial emails from InvestmentEurope
I also agree to receive event communications for InvestmentEurope
I also agree to receive other communications emails from InvestmentEurope
I agree to the terms of service *

You need to fill all required fields!