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Julius Baer Says Worst Is Over After Wild Markets Erode Profit

  • CEO Rickenbacher says rebound in July is encouraging
  • First-half profit slumps as volatile markets spook clients
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Julius Baer CEO Says Worst Is Over After Challenging 1H
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Julius Baer Group Ltd. said the worst of the market selloff may be over for the Swiss wealth manager after a first half that was one of the most difficult in decades.

Clients have started to come back and will probably look for ways to make money again in the second half, Chief Executive Officer Philipp Rickenbacher said in an interview Monday. First-half profit slumped 26% as wild market swings spooked wealthy investors and eroded assets the firm oversees for the rich.