LONDON (dpa-AFX) - Julius Baer Group Ltd. (JBARF.PK, JBAXY.PK) said that assets under management (AuM) decreased by 52 billion Swiss francs or 11% to 429 billion francs on 31 October 2022, hurt by the declines in global stock and bond markets and, to a small extent, by the minor corporate divestments executed in the year to date.
In its Interim Management Statement for the first ten months of 2022, the company noted that it was effective in counteracting the market-driven decline in assets under management with a meaningful improvement in its gross margin.
The gross margin for the first ten months of 2022 rose to 85 bp, an increase of 3 bp from the 82 bp reported for the full year 2021.
Net new money of 4.1 billion francs since the end of June 2022 more than compensated for the 1.1 billion francs of net outflows recorded in the first half of 2022, taking the year-to-date net new money inflow result to 3 billion francs, the company said.
The company said that it is on track to meet key 2022 profitability targets, despite challenging market conditions.
Julius Baer noted that it continues to be solidly capitalized and currently expects to complete the ongoing share buyback program by the end of February 2023.
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