Julius Baer New Money Jumps as Cost Cuts Help Boost Margins
- Profit, margin, costs, assets better than Citigroup estimated
- Bank to revamp Italian manager Kairos after second writedown
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Julius Baer Group Ltd. reported a better-than-expected increase in new money and improving profitability in the third quarter, as markets recovered and cost cuts began to pay off.
Inflows accelerated “considerably” in the three months through September as global markets recovered from the coronavirus pandemic, Switzerland’s third-biggest wealth manager said on Monday without being more specific. Falling expenses helped cushion the blow of a slowdown in trading income and a writedown at its Italian asset management business.