Swiss private bank Julius Baer said its assets under management (AuM) amounted to CHF289bn, a marginal decline of 1% from the end of 2014 amid significant strengthening of the Swiss franc.
The Zurich-based wealth manager in an interim management statement said AuM benefited from the positive contributions from continued net new money, market performance and the transfer of CHF4.3bn from Leumi Private Bank in March 2015.
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However, these positive factors were offset by a CHF19bn negative currency impact following the significant strengthening of the Swiss franc against almost all currencies so far this year.
The bank said net inflow on an annualised basis was at the low end of its medium-term target of between 4% and 6%.
Julius Baer’s cost/income ratio improved to a level just below the 65-70% medium-term target range.
At the end of April 2015, Julius Baer’s BIS total capital ratio stood at 22.4% and the BIS tier 1 ratio at 21.1%, well above the targeted floors of 15% and 12%, respectively.
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By GlobalDataThe company is slated to publish detailed financial results for the first half of 2015 on 20 July 2015.
