Assets under management (AuM) reached a record
high at Julius Baer in the first half of 2012, increasing by 5%
since the end of 2011 to CHF179bn ($182bn).

The result was powered largely by net new
assets reaching CHF5.5bn, equivalent to a 6% annualised gain, as
well as a positive market performance and currency impacts.

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Total client assets, including assets under
custody, went up by 4% from the end of 2011 to CHF269bn.

Average AuM increased by 3% in H1 2012 to
CHF177bn, while assets under custody grew by 3% to CHF90bn.

 

Signs JV with Bank of
China

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Alongside its first half results, the Swiss
wealth manager reported it has signed a partnership agreement with
Bank of China (BOC), its second major joint venture in the
Asia-Pacific region.

Julius Baer also said its discussions with
Merrill Lynch over its non-US wealth management business were
ongoing and it had no further comment.

 

Gross margin down

Operating income declined by 4% to CHF863m,
attributed to reduced client activity during market uncertainty. As
a result the gross margin fell to 98 basis points (bps), 7bps fewer
than for H1 2011.

Pre-tax profits increased by 15% from H1 2011
to CHF266m, with income taxes rising by 15% to CHF45m in the same
period. As a result the adjusted net profit, including a one-off
Germany payment of CHF65m in H1 2011, increased by 13% to
CHF221m.

However the underlying net profit, which
excludes this payment, fell by 11% over the year.

Adjusted operating expenses including the
payment fell by 11% from H1 2011 to CHF597m. Excluding the payment
this was a 1% decrease.