Julius Baer attracts further net new money
Published: Monday, Nov 20th 2023, 07:40
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Assets under management at Julius Baer declined in the months from July to October. This was probably mainly due to the negative trend on the financial markets since the middle of the year, as the private bank was able to attract additional new client assets.
Assets under management amounted to CHF 435 billion at the end of October 2023, having reached CHF 441 billion at the end of June, the Zurich-based wealth manager announced on Monday. At the end of 2022, the bank managed client assets of CHF 424 billion.
Julius Baer said that net new money inflows had continued. The bank did not disclose how high these inflows were in the four months after the half-year alone. In the first ten months of 2023, net inflows amounted to CHF 10.3 billion. This corresponds to annualized growth of 3 percent. In the first half of the year, Baer acquired net new money of CHF 7.1 billion.
Following an increase in loan loss provisions in November and a rise in the effective tax rate since the beginning of the year, the company does not currently expect consolidated profit for 2023 to reach the level of 2022. Last year's result was the second best in the Group. Julius Baer recognized loan loss provisions of 82 million as at 19 November.
©Keystone/SDA
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