According to Julius Baer, the EU’s planned agreements on the sharing of tax information between countries will adversely effect its new money inflows in 2013.
Total assets under management grew by 16%, to CHF220 billion (US$227 billion) from CHF189 billion at the end of 2012, in the first quarter of 2013.
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In it’s recently released first quarter statement, Julius Baer stated that "total group net new money in 2013 will be impacted by the implementation of Switzerland’s final withholding tax agreements with the UK and Austria as well as the ongoing self-declarations by clients in other European countries".
Julius Baer said net new money for the full year 2013 was forecasted to be close to the lower end of the group’s 4%-6% medium-term target, including CHF24 billion from Merrill Lynch’s international wealth management (IWM) business outside the US, which Julius
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