Swiss wealth manager Julius Baer has said that its gross margin for the first ten months of 2015 was 95 basis points (bps), below the 99 bps recorded in the first half of 2015.
At the end of October 2015, Julius Baer’s assets under management (AuM) totaled CHF297bn, an increase of CHF6bn, or 2% since the end of 2014.
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The Zurich-based group’s net inflows continued to be impacted by the ongoing regularisation of legacy assets in France and Italy as well as a slowdown over the last four months in net new money mainly from Eastern Europe and Latin America.
As a consequence, net client inflows missed the firm’s 4-6% annualized growth target, the group said.
Excluding the US provision of June 2015, the bank’s valuation allowances, provisions and losses were at approximately the same level as for the full year 2014.
As a result, the Swiss bank’s underlying pre-tax profit margin improved to a level just above the low end of the 30-35 bps medium-term target range, significantly better than the 26 bps realised in 2014.
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