ZURICH, Nov 21 (Reuters) - Julius Baer said on Thursday it had registered increased growth in net new money during the July-October period as the Swiss bank said its incoming new CEO Stefan Bollinger would start work on Jan. 9.
In the first ten months of 2024, assets under management (AUM) rose to 480 billion Swiss francs ($544 billion), a year-to-date increase of 12%, Baer said in a statement.
Compared to the first half of 2024, when net inflows were 3.7 billion francs (a 1.7% annualised increase), incoming net new money during the July–October period accelerated to 7.5 billion francs, a 4.8% annualised rate, the bank said.
The latter result included a large single transaction of which the majority left in November, it added. Excluding this transaction, the July–October inflow pace was 4.2%.
The net new money came predominantly from key markets in Europe, especially Britain and Germany, as well as Asia - notably Singapore and India - and the Middle East, in particular the United Arab Emirates, Baer said.
"The impact of client deleveraging diminished meaningfully compared to previous years," the bank said.
In the first ten months of 2024, the number of relationship managers grew by 46 full-time equivalents to 1,389, it said.
($1 = 0.8822 Swiss francs)
Reporting by Dave Graham and Rachel More
Source: Reuters