Swiss wealth manager Julius Baer has posted a net profit of CHF39.7m for the first half of 2015, a dip of 78% compared to CHF178.9m a year ago.
Net profit was impacted by the provision of CHF326m ($350m) to settle a tax dispute with the US. Excluding the provision, profit increased by 34% to CHF384m.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Julius Baer CEO Boris F.J. Collardi said: "The financial results were impacted by the recently announced US provision, and Julius Baer will continue to work toward closing this regrettable legacy issue as soon as possible."
The group’s operating income rose by 14% to CHF1.41bn from CHF1.24bn in the first half of 2014.
Assets under management (AuM) ended the first six months at CHF284bn, down CHF7bn, or 2% since the end of 2014.
"This included CHF56bn of AuM attributable to clients and relationship managers of the former Merrill Lynch International Wealth Management (IWM) business outside the US," the company said in a statement.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAlso, Julius Baer has announced that it has agreed to acquire 40% of NSC Asesores, an independent financial advisory firm in Mexico, for an undisclosed amount.
NSC, which is based in Mexico City, manages assets of close to $3bn and has enjoyed strong growth in the past years.
