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  1. Wealth
May 11, 2010

Reuters: Julius Baer AuM up 14%

By Spear's

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.

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.

To read the full story, visit reuters.com

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