Julius Baer Slowest Flows in Years Caps End of CEO’s Tenure

Last earnings for CEO Hodler before Rickenbacher takes over
His appointment likely to signal step back from fast growth

CEO Bernhard Hodler discusses first-half earnings, cost cuts, client sentiment and the bank’s succession plan.(Source: Bloomberg)

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By Patrick Winters

July 22, 2019 at 5:23 AM UTC

Updated on

July 22, 2019 at 9:30 AM UTC

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Julius Baer Group Ltd. reported the lowest inflows in at least seven years, leaving outgoing Chief Executive Officer Bernhard Hodler’s successor with plenty to fix.

Net new money grew by 3.2% in the first half, below a medium-term goal of 4% to 6% growth. The number of relationship managers, responsible for attracting cash, declined from the end of 2018. Gross margins improved, and the company said it expects to see positive results from its cost-cutting initiative in the second half.