At the end of last month the Swiss group’s total AUM stood at CHF175bn, while its total client assets increased by 12% to CHF271bn.
Julius Baer said the increase in AUM was supported by positive market movements, while the Swiss franc currency translation impact was negative due to the decline of the euro and US dollar.
Net inflows were up, reaching the group’s annualised 4% to 6% medium term target range in the first ten months. It said all regions contributed positively, with the strongest increase coming from the Asian, Latin American, Middle Eastern and Russian and Eastern European markets, as well as from German business.
As a result of subdued client transaction and trading volumes, gross margins fell slightly below those achieved during the first half of the year, although remained ahead of 2009 levels.
