Julius Baer Says New Money Lags Target in First Four Months
- Money slowdown from European, Latin American, Asian clients
- Private bank introduces new $51 million cost-saving program
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Julius Baer Group Ltd., Switzerland’s third-largest wealth manager, said net new money from clients amounted to less than 3 percent of managed assets in the first four months of the year, missing its target.
Clients in eastern Europe and Latin American showed “slow momentum,” while customers in Asia reduced borrowings and wealthy French and Italians repatriated money for tax purposes, the Zurich-based company said in a statement on Thursday.