Julius Baer enjoys positive half-year results

Swiss private bank Julius Baer has reported a 4% increase in assets under management (AuM) for the first half of 2016, compared to the end of last year. While the firm’s operating income of 1.4 billion Swiss francs (€1.3 billion) is only 1% higher year-on-year, the bank referenced higher foreign exchange trading activity following the Brexit vote which aided its income position. In a statement, the bank said that underlying net trading income improved by 26% thanks to an increase in FX volumes, especially after the UK referendum result in June. One reason given for its increase in AuM was due to the addition of its acquisition of Kairos Investment Management, benefitting Julius Baer’s bottom line. The firm’s adjusted net profits increased by 273.8% year-on-year although last year’s results were lowered by a sizeable provision put aside to cover a settlement with the US Department of Justice. “After a decade of strong organic and external growth and with this settlement [Department of Justice] behind us, we have initiated the next phase of growth and transformation of our group,” said Boris Collardi, chief executive officer of Julius Baer. ©2016 funds europe

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