Julius Baer posted a 10% rise in assets under
management (AuM) to CHF170bn ($177 bn) in 2010.
However AuM fell 4% from the CHF175bn reported
in the 10 months to 30 October 2010.
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Assets from clients at ING Bank Switzerland,
which Julius Baer acquired in 2009, also contributed to the growth
and the increase in net inflow.
Net new money up, cost/income ratio rise
The Swiss private bank’s net new money rose to
CHF9bn, a 6% gain on 2009-year end. The bank benefitted from strong
inflows in Asia, Russia, Central & Eastern Europe, and Latin
America and from the bank’s domestic German business.
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By GlobalDataThe bank said it delivered a good performance
despite the significant strengthening of the Swiss franc against
other key currencies in 2010 impacting the results.
Partly as a result of the strong Swiss franc
and due to the decline in the gross margin, the bank’s cost/income
ratio increased from 63.1% to 65.4%
