BRUSSELS (dpa-AFX) - Swiss private banking group Julius Baer Group Ltd. (JBAXY.PK,JBARF.PK) reported Friday that its assets under management for the first ten months of fiscal 2014 increased 12 percent from the end of 2013. The company noted that the year-to-date increase in Group AuM was driven by net new money.
At the end of October 2014, Julius Baer Group's assets under management or AuM amounted to 285 billion Swiss francs. This included approximately 58 billion francs from Merrill Lynch's International Wealth Management business outside the US, which Julius Baer is in the final phase of transferring.
The company said its total client assets grew 11 percent to 385 billion francs.
The gross margin improved to 94 basis points, up 1 basis points from 95 basis points in the first six months of 2013. The Group's adjusted cost/income ratio in the first ten months improved to a level just inside the 65-70% range which the Group had set as a target to be reached from 2015 onwards.
At the end of September 2014, the Group's BIS total capital ratio stood at 24.0% and the BIS tier 1 ratio at 22.6%, well above the targeted floors of 15% and 12%, respectively.
Julius Baer will release its financial results for the full year on February 2, 2015.
Copyright RTT News/dpa-AFX