Julius Baer hit new record asset

8 years ago - Published in Finance, Fundamental Analysis

Swiss private bank Julius Baer said on Thursday its assets under management rose 9% in the first ten months of 2016 to 327 billion Swiss francs ($326.45 billion), up from 311 billion francs in the first half of the year.

Switzerland's third-largest listed bank said net new money in the year to date on an annualised basis was close to 4%, the bottom end of its medium-term target range of 4-6%.

"Based on the relationship manager (RM) hirings and the current net inflows outlook, net new money is expected to improve well into the 4-6% target range in 2017," Zurich-based Baer said in a statement.

Baer had added a net 159 RMs for a total of 1,376, it reported in the statement on Thursday.