ZURICH, May 11 (Reuters) – Private bank Julius Baer (BAER.VX) said on Tuesday strong money inflows in its growth markets compensated for tax pressure on Swiss banks that prompted many European off-shore clients to repatriate funds.
ZURICH, May 11 (Reuters) – Private bank Julius Baer (BAER.VX) said on Tuesday strong money inflows in its growth markets compensated for tax pressure on Swiss banks that prompted many European off-shore clients to repatriate funds.
Assets under management rose 14 percent from the end of 2009 to 175 billion Swiss francs ($163.9 billion), with recovering markets boosting asset values, Switzerland’s biggest pure-play private bank said.
The Swiss banking industry has come under increasing pressure from neighbouring states over the Alpine nation’s bank secrecy rules.
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Many Italian clients have moved money home amid a tax amnesty, while a data theft scandal affecting some German customers of bigger rival Credit Suisse (CSGN.VX) has rattled other offshore clients of Swiss banks.
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