Julius Baer: BlackRock cuts stake to below 5%
(CercleFinance.com) - BlackRock has cut its stake in Swiss private bank Julius Baer, which last month said it would miss its medium-term targets for 2019, according to a statement on Tuesday.
The world's largest fund manager - which owned around 5.1% of Julius Baer in late November - has cut its stake to 4.9%, just below the 5% threshold at which it has to inform the market, the filing showed.
The cut is due to the return of repos and/or collateral, the filing said.
Julius Baer said last month that it was "unlikely" to achieve its medium-term target this year, due to outflows at its Italian asset and wealth management unit Kairos and temporary headwinds.
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The world's largest fund manager - which owned around 5.1% of Julius Baer in late November - has cut its stake to 4.9%, just below the 5% threshold at which it has to inform the market, the filing showed.
The cut is due to the return of repos and/or collateral, the filing said.
Julius Baer said last month that it was "unlikely" to achieve its medium-term target this year, due to outflows at its Italian asset and wealth management unit Kairos and temporary headwinds.
Copyright (c) 2019 CercleFinance.com. All rights reserved.