Julius Baer Group’s reported positive net new
money inflow compared to the second half of 2009 in the first
quarter of 2010, although this was reduced by the
impact of the Italian tax amnesty and it winding down its US
client business.
Assets under management (AuM) rose 14% to
CHF175bn ($158bn) compared to the year-end 2009, or 5% with the pro
forma inclusion of ING Bank’s Swiss operations.
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Total client assets increased to CHF266bn.
“Based on the solid client pipeline in growth
markets in particular, the group still expects to attract net new
money this year at a pace in line with its medium-term net new
money target,” the Zurich-based bank said in a statement.
The integration of ING Bank is expected to be
completed by the end of May 2010.
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