In a busy announcement day for the Swiss bank, it updated the markets on its financial results, said it has achieved in-principle approval for a new office in Abu Dhabi, and appointed a chief compliance officer.

Julius Baer yesterday said it has received in-principle approval to open an advisory office in Abu Dhabi, adding to its presence in the Gulf region.

At the same time the bank said its assets under management reached a record SFr520 billion ($643.9 billion) by 31 October, the first time it has gone above the half-trillion mark.

In a further announcement, the bank said it has named Victoria McLean as chief compliance officer, effective at the end of February 2026 and subject to final regulatory approval. She has been appointed after the bank restructured the organisation as announced on 20 May. The change included setting up a separate compliance function reporting to the CEO, Stefan Bollinger.

Abu Dhabi’s Financial Services Regulatory Authority (FSRA) has granted approval to the Swiss bank to create the office, which Julius Baer expects to open  in December. The new legal entity called Julius Baer (Abu Dhabi) Ltd will cater to ultra high net worth individuals, family offices, and entrepreneurs seeking bespoke wealth management services. 

The new business will be led by Amir Iskander, who is joining as CEO. Iskander has held leadership roles at Abu Dhabi Commercial Bank, Union National Bank, and Citigroup. In this role, Iskander will report to Régis Burger, head of Middle East and Africa.  

"The Middle East is one of the most important growth markets for Julius Baer and plays a central role in our global strategy,” Stefan Bollinger, CEO of Julius Baer Group Ltd, said. “Two decades ago, we saw the region's potential and built a strong local presence that allowed us to grow alongside our clients. Our expansion into Abu Dhabi is therefore not just another milestone but a reaffirmation of our long-term commitment to this dynamic region and to serving clients."

His Excellency Ahmed Jasim Al Zaabi, chairman of ADGM, said: “Their [Julius Baer’s] decision to establish an office in our international financial centre is a strong vote of confidence in Abu Dhabi's rise as a global financial nexus for wealth and asset management.”

“With our progressive regulatory framework, deep pools of capital, and a growing community of family offices, sovereign investors, and global financial institutions, ADGM is uniquely positioned to support Julius Baer as it serves ultra high net worth individuals and family offices. Their presence with its Swiss legacy and long-standing reputation in global wealth management, combined with a deep understanding of the region and the UAE, is a strong testament to ADGM's appeal as the destination of choice for international wealth managers looking to serve clients from Abu Dhabi.”

Julius Baer has had a presence in the Middle East since 2004, with offices in Dubai and Manama complemented by coverage from hubs including Switzerland and the United Kingdom.

Financial update
Zurich-listed Julius Baer said the rise in client assets at a broadly stable underlying gross margin has in turn driven “meaningful year-on-year revenue growth,” while operating leverage improved. Earlier this year, it shrank its board and extended cost cuts.

The bank is moving on from heavy losses sustained by the bank from loans to a conglomerate. 

“The group has now completed its credit review and decided to manage down a subset of loan book positions, which are not aligned with its refocused strategy and revised risk appetite framework. These positions are primarily in the income-producing residential and commercial real estate book and amount to SFr700 million,” the bank said. “As a result, further loan loss allowances of SFr149 million will be recognised in the financial accounts in November 2025.” 

Julius Baer said its balance sheet remains “highly liquid” and its capital position is “strong,”w ith the CET1 capital ratio strengthening to 16.3 per cent, significantly higher than minimum requirements.

The bank said it expects its full-year 2025 net profit – on an IFRS basis – will be below the figure for 2024, due to the non-recurring release of tax provisions in December 2024, the impact from the sale of Julius Baer Brazil earlier this year, and the after-tax impact of the net credit losses booked during 2025. If these items were taken out, underlying profitability and capital generation would “remain strong.”

“Over the last ten months, we have significantly de-risked our business, while delivering improved operating leverage, attracting solid net new money, and further strengthening our capital position. This performance demonstrates the resilience of our wealth management proposition and the trust our clients place in us,” Bollinger said. 

Julius Baer logged net new money inflows of SFr11.7 billion, rising by 2.8 per cent on an annualised basis, and mostly from clients in Asia, Western Europe and Middle East.

The positive impacts of continued net inflows and rising global equity market valuations more than offset the impact of the stronger Swiss franc (particularly versus the dollar and the sale and deconsolidation of Julius Baer Brazil in March 2025. 

Excluding M&A effects and net credit losses impact, the business delivered an underlying gross margin for the first ten months of 2025 of 83 basis points (bp), 

Recurring income (within net commission and fee income) was 36 bps (H1 2025: 37 bps), in line with the level in May to June 2025.

Interest-driven income held steady at 24 bps.

The adjusted cost/income ratio for the first 10 months of 2025 was 66 per cent, narrowing from 71 per cent for the whole of 2024.

Julius Baer said it expected to achieve gross cost savings of SFr130 million on a run-rate basis by the end of 2025, exceeding its original target by SFr20 million. The total estimated cost-to-achieve is now estimated at SFr45 million, of which SFr34 million has been reflected in the results for the first 10 months of 2025.