Flow of client funds to Julius Baer

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As the Zurich asset management bank announced on Tuesday, assets under management (AuM) at the end of April reached CHF 429 billion compared to CHF 424 billion at the end of 2022. The positive development in the financial markets also helped, but as the bank wrote, this was partially offset by the negative exchange rate effect.

Meanwhile, the net inflow of new money was only “modest” at the start of the year. It was also affected by the decrease in customers’ external financing, albeit less than at the beginning of 2022. The asset manager received a total of CHF 3.5 billion at the end of April after a net outflow of funds in the same period last year.

On the other hand, the bank earned more profits on managed assets compared to the previous fiscal year. Gross margin was “just over 92 basis points” (bp) in the first four months, compared to 85 basis points in the same period last year and 87 basis points for the full year 2022. second half thanks to slightly higher customer activity at

The bank also managed to slightly improve its cost efficiency. The adjusted cost/revenue ratio was 66 percent and therefore almost unchanged compared to 2022 as a whole. The bank refers to “continuing growth investments”. For example, the current year will focus more on hiring “best talent in key markets”: In the first four months of the year, the bank increased the number of client advisors to around 40 full-time employees.

But with the numbers presented, Julius Baer did not meet analysts’ estimates, some of whom had expected a significant influx of indecisive Credit Suisse clients in recent months. Overall, they expected new inflows of 7.5 billion francs and significantly higher customer deposits of 440 billion.

(SDA)

Source :Blick