Julius Baer managed SFr10.2bn in net new money in the first half of the year, exceeding its growth target, as the Swiss private bank expanded aggressively its businesses managing the wealth of the world’s rich.
Net new money had grown at an annualised rate of 6.1 per cent, above its target of 4 to 6 per cent, Julius Baer said on Monday reports the Financial Times.
Total assets under management, also including the effects of market performance, expanded by Sfr 19bn to Sfr 355bn. That was 6 per cent higher than at the end of 2016. Like other Swiss banks , Julius Baer is increasing wealth management activities at a fast pace, especially in Asian and emerging markets. Net new money inflows in the first six months had been helped by strong inflows from clients in Asia, the Middle East and Monaco, as a well as “a substantial recovery” in net inflows in Latin America, the bank said.
Read the full report by Ralph Atkins at Financial Times