Leading Swiss bank Julius Baer recorded a 34% rise in assets under management (AuM) to CHF 254 billion (approximately $280 billion) in 2013, an increase of CHF 65 billion compared to 2012.
CHF 53 billion derived from Merrill Lynch’s International Wealth Management (IWM), which Julius Baer is currently in the process of integrating.
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In addition, adjusted net profit increased by 19% to CHF 480 million and operating income rose 26% to CHF 2,195 million. However, IFRS net profit fell 30% to CHF 188 million due to costs relating to the integration of IWM.
Boris Collardi, CEO of Julius Baer Group, said: "After a period of intense preparations, the implementation of the IWM integration process paid off in 2013, resulting in an impressive transfer of clients, assets and highly-rated IWM professionals to Julius Baer. In 2014, our focus will shift to improving the cost efficiency of the rapidly growing business, while not losing sight of our ambition to continuously develop top-quality advice and services to our growing international base of sophisticated clients."
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