EFG still does not comment on Julius Baer rumors
Published: Tuesday, May 28th 2024, 09:20
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Asset manager EFG International once again refrained from commenting on rumors of a possible merger with Julius Baer during its 4-month results on Tuesday. "We do not comment on market rumors," said CEO Giorgio Pradelli during a conference call.
This also applies to the rumor that he is a candidate for the CEO position at Baer: "I have been working for the EFG Group for over 20 years and I have a pretty good job here," he simply said.
Julius Baer is said to have its eye on EFG, according to news agencies. The bank has held preliminary talks with EFG in recent weeks about the possibility of a merger, wrote the Bloomberg news agency on Friday evening. According to Reuters, however, these talks have been broken off. Julius Baer and EFG had no comment on Friday.
"Good start"
Pradelli is more than satisfied with the first four months of EFG's financial year. "We have had a very good start to the year," he said.
In the first four months, net new money inflows amounted to 3.6 billion francs, according to the figures. Meanwhile, assets under management amounted to CHF 157.5 billion at the end of April - compared to CHF 142.2 billion at the end of 2023. The increase of 11 percent was attributed to net new money, exchange rate fluctuations and a favorable market environment.
On balance, net profit exceeded the figure of 110 million Swiss francs, the company also announced. A previous year's figure was not mentioned in the press release. However, reference was made to the annual profit of 303.2 million in 2023.
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