Assets under management at Julius Baer grew by 6 percent to 355 billion Swiss francs ($375.18 billion) in the first six months of 2017, the Swiss private bank said on Monday, roughly in line with analysts' estimates. The private bank said it took in over 10 billion Swiss francs in net new funds from clients, one of the key business of the future.
The average forecast in a Reuters poll of five analysts was for the assets managed by Zurich-based Baer to grow to 358 billion francs. Adjsuted net income unexpectedly rose by 2 percent year on year to 404 million francs, ahead of the poll forecast for 373 million francs.
On the opposite hand, the bank's spending rose 10 percent, when adjusted for last year's pension fund release. Part of the reason is obvious in the bank's headcount, which rose on the year by 349 employees.
Like other Swiss banks , Julius Baer is increasing wealth management activities at a fast pace, especially in Asian and emerging markets. Net new money inflows in the first six months had been helped by strong inflows from clients in Asia, the Middle East and Monaco, as a well as “a substantial recovery” in net inflows in Latin America, the bank said.
"We are extremely pleased to see the initial returns on last year's significant investments already being reflected in a record half-year adjusted net profit," Chief Executive Boris Collardi said in a statement.
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