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Zurich (awp) – Julius Bär recorded a strong rise in earnings over the first six months of the year. The wealth manager has also benefited from an increase in the influx of new money, he said Monday.
Net profit, according to IFRS, rose 26% to 444 million francs Swiss. Adjusted for integration and restructuring costs and amortization of intangible badets, the net profit increased by 19% to 480 million. These two values exceeded expectations of the AWP consensus of 440 and 476 million respectively.
Operating income jumped 12% to 1.79 billion, slightly below the expected $ 1.82 billion. Adjusted expenses increased 9.8% to 1.21 billion. The cost-to-income ratio improved to 67.3% from 69.1% in the same period a year earlier.
Assets under management reached 399.9 billion, an increase of 3% report at the end of 2017. This growth was driven by the 95% acquisition of Reliance Group in Brazil, a favorable exchange rate effect of CHF 1 billion and the influx of new money. The latter rose 5% on an annualized basis to 9.9 billion.
The increase in the influx of new money is in line with the target range of 4% to 6%, the statement said. Europe, Switzerland and Asia have particularly contributed to growth. The number of advisers has increased by 79 since the beginning of the year
If badysts' expectations have been exceeded in terms of earnings, this has not been the case for net inflows, expected to $ 10.7 billion and badets under management, expected at $ 405.8 billion
ol / al
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