Julius Baer Misses Out on Windfall: The expected «Credit Suisse effect» has failed to materialize at Julius Baer. However, the Zurich-based private bank is hoping to attract numerous new relationship managers. JuliusBaer
Julius Baer's assets under management increased by one percent, totaling 429 billion Swiss francs since the beinning of the year, it said Tuesday, adding that the franc's appreciation had counteracted and partially offset positive market performance as well as net new money inflows.New money got off to a slow start at the beginning of the year and was affected by clients' deleveraging - as they reduced their Lombard loans with the private bank.
In Asia, contributions came from Hong Kong especially, while inflows in Europe came from the UK, Ireland and Switzerland. KJulius Baer also saw inflows from the Middle East and Israel, it said. The private bank withstood the «Credit Suisse effect,» failing to attract funds which left Credit Suisse during its bank run.Julius Baer was able to increase the number of relationship managers by nearly 40 full-time employees in the first four months of the year, while it also has a strong recruitment pipeline for the rest of the year, it said.
Julius Baer chair Romeo Lacher recently spoke to finews.com about a possible «second wave» of asset outflows from Credit Suisse.
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