Julius Baer: 10-month assets rise 2 percent
(CercleFinance.com) - Julius Baer said on Tuesday that its assets under management rose by 2% in the first ten months of the year, helped by the acquisition of Brazil's Reliance in June.
The Zurich-based private bank's assets rose to 395 billion Swiss francs at the end of October, from 389 billion Swiss francs at the end of October 2017.
Baer said deteriorating market environment affected business in the third quarter, leading to lower levels of client activity, before volatility and volumes picked up again in October.
As a result, its gross margin for the first ten months of 2018 decreased to 87 basis points, the bank said in a statement.
The group now wants to focus on core markets and is prioritising its presence, client offering and investments, which included opening new offices in the UK (Manchester, Leeds, Edinburgh) and Germany (Hanover, Berlin).
At the same time, Julius Baer has stepped up its efforts to reduce its exposure to "non-core markets" such as Panama and Peru.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The Zurich-based private bank's assets rose to 395 billion Swiss francs at the end of October, from 389 billion Swiss francs at the end of October 2017.
Baer said deteriorating market environment affected business in the third quarter, leading to lower levels of client activity, before volatility and volumes picked up again in October.
As a result, its gross margin for the first ten months of 2018 decreased to 87 basis points, the bank said in a statement.
The group now wants to focus on core markets and is prioritising its presence, client offering and investments, which included opening new offices in the UK (Manchester, Leeds, Edinburgh) and Germany (Hanover, Berlin).
At the same time, Julius Baer has stepped up its efforts to reduce its exposure to "non-core markets" such as Panama and Peru.
Copyright (c) 2018 CercleFinance.com. All rights reserved.