May 14 (Bloomberg) -- Julius Baer Group Ltd. climbed in Zurich trading after Vontobel Holding AG upgraded the stock and said recruitment at the Swiss private bank could lead to inflows of client money.
“We believe the bank has increased its number of client advisers materially since the beginning of the year,” Teresa Nielsen, an analyst at Vontobel, said in an e-mailed note today. Recruiting 40 to 50 relationship managers will bring in new money and help offset outflows from European clients, she said.
Net new money should remain positive when the bank publishes an interim statement tomorrow, said Nielsen, who raised her rating on the stock to hold from reduce.
Julius Baer rose as much as 2.6 percent and was up 0.8 percent to 34.07 Swiss francs as of 4:27 p.m. in Zurich, making the stock the best performer on Switzerland’s benchmark SMI index, which fell 1.6 percent. The Swiss private bank also posted second-biggest gain on the 43-company Bloomberg Europe Banks and Financial Services Index, which slumped 3.6 percent.
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