Julius Baer Group’s assets under management (AuM) stood at CHF305bn at the end of April 2016, an increase of CHF6bn, or 2% since the end of 2015.
The bank attributed the growth in AuM to continued net new money and the first-time consolidation of Kairos Investment Management with about CHF9bn in AuM.
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During the first four months of 2016, net inflows dropped to less than 3% on an annualised basis, partly due to continued slow momentum in Eastern Europe and Latin America, client deleveraging in Asia, and tail end of the regularisation of legacy assets in France and Italy.
The gross margin over the first four months of 2016 stood at 95 basis points (bps), including a positive fair value adjustment of CHF39m resulting from the purchase of an additional 60.1% stake in Kairos.
Excluding this adjustment, the gross margin was up by 3 bps to 91 bps compared to 88 bps in the second half of 2015.
The bank hired more than 30 relationship managers during the period. Accelerating these hirings and strengthening other business areas brought cost/income ratio above the 64-68% range, which was set as a new target for the medium term, the bank said in its earnings statement.
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