Julius Baer Group:Interim Management Statement for the First Ten Months of
Assets under management CHF 187 billion, an increase of 10% from the end of
2011 – Continued solid net inflows
ZURICH -- November 14, 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.
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
Disclaimer regarding forward-looking statements
This media release by Julius Baer Group Ltd. (“the Company”) includes
forward-looking statements that reflect the Company’s intentions, beliefs or
current expectations and projections about the Company’s future results of
operations, financial condition, liquidity, performance, prospects,
strategies, opportunities and the industries in which it operates.
Forward-looking statements involve all matters that are not historical facts.
The Company has tried to identify those forward-looking statements by using
the words “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”,
“anticipate”, “project”, “believe”, “seek”, “plan”, ”predict”, “continue” and
similar expressions. Such statements are made on the basis of assumptions and
expectations which, although the Company believes them to be reasonable at
this time, may prove to be erroneous.
These forward-looking statements are subject to risks, uncertainties and
assumptions and other factors that could cause the Company’s actual results of
operations, financial condition, liquidity, performance, prospects or
opportunities, as well as those of the markets it serves or intends to serve,
to differ materially from those expressed in, or suggested by, these
forward-looking statements. Important factors that could cause those
differences include, but are not limited to: changing business or other market
conditions, legislative, fiscal and regulatory developments, general economic
conditions in Switzerland, the European Union and elsewhere, and the Company’s
ability to respond to trends in the financial services industry. Additional
factors could cause actual results, performance or achievements to differ
materially. In view of these uncertainties, readers are cautioned not to place
undue reliance on these forward-looking statements. The Company and its
subsidiaries, its directors, officers, employees and advisors expressly
disclaim any obligation or undertaking to release any update of or revisions
to any forward-looking statements in this media release and any change in the
Company’s expectations or any change in events, conditions or circumstances on
which these forward-looking statements are based, except as required by
applicable law or regulation.
Julius Baer Group
Media Relations, +41 (0)58 888 8888
Investor Relations, +41 (0)58 888 5256
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