Swiss private banking group Julius Baer has seen a 16% rise in assets under management (AuM) in the first four months of 2013.
The bank has gone from $195bn AuM at the end of 2012 to $227bn at the end of April 2013.
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Julius Baer acquisition of Merrill Lynch’s International Wealth Management (IWM) unit accounted for 78% of this rise, with $24.8bn coming in from the integration.
From this $11.5bn came when Merrill Lynch’s Swiss bank was acquired on the 1 February 2013, the other $13.3bn has come when they took charge of IWM operations in Uruguay, Chile, Luxembourg and Monaco on the 1April this year.
Julius Baer said it hopes to see a gain in AuM of between $58.7bn and $74.2bn, over the next two years as the bank completes it’s acquisition of IWM.
Positive market performance and currency impact were responsible for the remainder of the gains, the bank said in a statement.
Total client assets grew by 12% to $318bn, however net inflows were down and forecasted to be at the 4% mark for the year.
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