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November 10, 2009

Reuters: Julius Baer sees NNM slow down

By Spear's

ZURICH, Nov 10 (Reuters) – Swiss private bank Julius Baer (BAER.VX) said on Tuesday it continued to record healthy inflows across all regions but that net new money had been coming into the company at a slower pace due to a tax clampdown.

ZURICH, Nov 10 (Reuters) – Swiss private bank Julius Baer (BAER.VX) said on Tuesday it continued to record healthy inflows across all regions but that net new money had been coming into the company at a slower pace due to a tax clampdown.

Baer, which split its core private bank and asset management operations into two separately listed companies last month, also said it was on course to close the buy of ING’s (ING.AS) Swiss private banking assets in the first quarter of 2010. [ID:nSIN287448][ID:nL1480209]

“The generally tense regulatory environment in some of the European countries, however, is leading to some clients relocating assets,” Julius Baer said in a statement, adding it had started a phased exit from its U.S. client business.

Switzerland’s third-biggest bank said it had a strong capital base with a Tier 1 ratio above 19 percent, and that assets under management (AuM) had risen 17 percent in the first 10 months of 2009 to 150 billion Swiss francs.

To read the full story, visit reuters.com

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