WASHINGTON (dpa-AFX) - Julius Baer Group (JBARF.PK, JBAXY.PK) reported Friday that its assets under management in the four months to the end of April reached 427 billion Swiss francs, a year-to-date increase of 12%.
The company attributed the increase to strong positive market performance and currency impacts, net new money inflows, as well as the first-time consolidation of NSC Asesores in Mexico.
Net new money growth was soft in the start to the year, but accelerated towards the end of the period, resulting in a growth rate of 3%. Net new money was driven especially by solid inflows from clients domiciled in Asia and Europe
The overall gross margin rose to 82 basis points, compared to the 79.6 basis points reported in the second half of 2018.
Further, the company said its cost reduction program is on track. The resulting cost savings from the program are expected to start materialising partly in the financial results for the second half of 2019 and fully in 2020.
In relation to the programme, the company anticipates booking one-off severance costs of approximately 17 million francs, all in 2019.
Julius Baer's detailed financial results for the first half of 2019 will be published on July 22.
Copyright RTT News/dpa-AFX