Assets under management (AuM) at Julius Baer Group were CHF178bn
($189bn), a 4% rise since 31 December 2011 due to solid net new
money and positive market performance together outweighing negative
currency impacts.
Net new money on an annualised basis was just above the group’s
4-6% medium-term target range due growth markets contribution, and
from local private banking business in Germany.
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The asset-based component of gross margin remained stable
compared to 2011, and the cost/income ratio rose slightly above
70%.
“A number of initiatives have been initiated with an aim to
bring the cost/income ratio down in the course of the year,” the
bank said.
The bank has continued to grow in the growth markets – more than
half of the group’s AuM would come from clients living growth
markets by 2015, the bank said.
Julius Baer’s Middle East business was strengthened by new
appointments, and a new representative office for wealth management
opened in Tel Aviv in March, the bank added.
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