Interim Management Statement for the first ten months of 2012
Assets under management CHF 187 billion, an increase of 10% from the end of
2011 - Continued solid net inflows
Zurich, 14 November 2012 --- Julius Baer Group's assets under management (AuM)
amounted to CHF 187 billion at the end of October 2012, an increase of 10%
from the end of 2011. Total client assets grew by 9% to CHF 274 billion. The
increase in AuM resulted from continued net new money inflows close to the top
end of the Group's medium-term target range as well as a positive market
performance impact supported by sustained gains in the global equity and bond
markets. The year-to-date currency impact on AuM was negligible.
Since the end of June 2012, client transaction and trading activity initially
contracted but recovered again in September and October 2012, albeit not fully
to the levels seen on average in the first half of 2012. As a result, the
gross margin in the first ten months of the year was slightly lower than the
98 basis points reported for the first six months of 2012 and, as a
consequence, the cost-income ratio was slightly higher than the cost-income
ratio reported for the first six months of 2012.
As at the end of September 2012, the Group's BIS total capital ratio was 26.3%
and its BIS tier 1 ratio 24.0%, with both ratios benefitting from the
successful placement in September 2012 of CHF 250 million in additional
non-core tier 1 capital.
Principal Closing of IWM acquisition expected to occur at end of January 2013
In October 2012, Julius Baer completed the financing for the acquisition of
Merrill Lynch's International Wealth Management business outside the US and
Japan (IWM) by successfully issuing 20,316,285 new registered shares by way of
a rights offering at an issue price of CHF 24.20 per share, resulting in gross
proceeds of CHF 492 million. Based on the good progress made to date in terms
of financing, obtaining regulatory approvals, as well as planning in detail
for the transfer and separation of the acquired business, Principal Closing of
the IWM transaction is expected to occur at the end of January 2013.
Julius Baer Group's detailed financial results for the full year 2012 will be
published on 4 February 2013.
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About Julius Baer
The Julius Baer Group is the leading Swiss private banking group, with an
exclusive focus on servicing and advising private clients. Julius Baer's total
client assets amounted to CHF 274 billion at the end of October 2012, with
assets under management accounting for CHF 187 billion. Bank Julius Baer & Co.
Ltd., the renowned Swiss private bank with origins dating back to 1890, is the
principal operating company of Julius Baer Group Ltd., whose shares are listed
on the SIX Swiss Exchange (ticker symbol: BAER) and form part of the Swiss
Market Index (SMI) of the 20 largest and most liquid Swiss stocks.
Julius Baer employs a staff of over 3,600 in more than 20 countries and some
40 locations, including Zurich (head office), Dubai, Frankfurt, Geneva, Hong
Kong, London, Lugano, Milan, Monaco, Montevideo, Moscow, Shanghai and
For more information visit our website at www.juliusbaer.com
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