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Julius Baer's Assets Under Management Rise To Record High, Buoyed By Inflows, Markets

Tom Burroughes, Group Editor , London, 4 February 2013

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Julius Baer said today that assets under management at the end of 2012 hit a record of SFr189 billion ($296.8 billion), a rise of 11 per cent over the previous 12 months as a result of stronger markets, SFr9.7 billion of net inflows and a slightly negative currency effect.

The Zurich-listed bank reported on its full-year figures for 2012 after last week announcing it had started the process of transferring assets acquired from the non-US wealth business it had acquired from Bank of America Merrill Lynch.

Total assets under management, including assets under custody, rose by 7 per cent to SFr277 billion, it said in a statement.

Operating income decreased by 1 per cent year-on-year to SFr1.737 billion, while average assets under management rose 8 per cent, resulting in a gross margin of 96 basis points (2011: 105bps). The lower gross margin was a direct consequence of a further reduction in client activity, the firm said.

Adjusted operating expenses fell by 5 per cent to SFr1.216 billion as the expenses in 2011 included the one-off tax-related Germany payment of €50 million (SFr 65 million). Excluding the 2011 Germany payment, the adjusted operating expenses were flat.

The bank said its adjusted cost/income ratio rose to 71 per cent (2011: 68 per cent).

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