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Julius Baer reported a rise in net new money during the July-October period, with inflows accelerating to 7.5 billion Swiss francs, an annualized rate of 4.8%. Assets under management reached 480 billion Swiss francs, marking a 12% year-to-date increase. The bank's new CEO, Stefan Bollinger, will begin his role on January 9, 2024.
Swiss bank Julius Baer reported a rise in net new money during July-October, totaling 7.5 billion francs, with assets under management increasing to 480 billion francs. The new CEO, Stefan Bollinger, will start on January 9, following the ousting of Philipp Rickenbacher in February amid financial challenges. The bank noted a significant inflow from key European and Asian markets, while ongoing regulatory reviews have delayed share buybacks and cost targets remain unmet.
Stefan Bollinger has been appointed as the new CEO of Julius Baer, set to take over on January 9, 2025. He joins from Goldman Sachs, where he was Co-Head of Private Wealth Management EMEA, bringing extensive international experience from his 20 years at the firm and previous roles at J.P. Morgan. Bollinger succeeds Philipp Rickenbacher, who resigned in February following significant losses linked to credit exposure in the Signa Group.
Julius Baer reported net inflows of 11 billion francs ($12.5 billion) in the first 10 months of 2024, with significant contributions from Singapore and India. Assets under management rose 12% to 480 billion francs, despite a decline in gross margin to 83 basis points. The bank's cost/income ratio increased to 71%.
EFG International reported a net profit of SFr260 million ($293.7 million) for the first 10 months of 2024, up from SFr240 million in the same period last year. Assets under management rose to approximately SFr159 billion, driven by strong client activity and the recruitment of 60 new client relationship officers. The bank's cost/income ratio increased to 73.9%, reflecting investments made in the previous year.
Urs Monstein has been appointed as the new CEO of VP Bank, having served as interim CEO since May. The Board of Directors highlighted his extensive experience in the financial sector, which positions him to drive cost efficiency and growth. Additionally, key management changes include the departures of Roger Barmettler and Mara Harvey at the end of 2024, with new leadership roles established within the Group Executive Management.
Julius Baer has strengthened its client advisory team in St. Gallen, Eastern Switzerland, by hiring four new advisors. Selami Oezkan and Joshua Braun will join on February 1, 2025, bringing extensive experience from UBS and VZ Vermögenszentrum, respectively. Thierry Dobler and Elia Schärer have already started, enhancing the bank"s regional presence and client support.
Lombard Odier announces a leadership change in its Fribourg branch, with Stéphane Python set to take over as head on January 1, 2025. Python, a Fribourg native with extensive experience at Credit Suisse and Julius Baer, will succeed Didier Muller, who will continue to manage the office until the end of December. The branch, serving local entrepreneurs and institutional clients, has doubled in size over the past 15 years and employs six bankers from various generations.
Wealthy families worldwide are primarily concerned with succession planning and wealth transfer, taxation, growth opportunities, family governance, and political uncertainties, according to the latest Julius Baer Family Barometer. Despite the importance of involving future beneficiaries in asset management discussions, many current owners exclude them, often due to fears of conflict or a lack of perceived necessity. The study emphasizes the need for better training and involvement of professional advisors to prepare the next generation for wealth management challenges.
Crypto markets are surging, driven by optimism surrounding the new US administration's pro-crypto policies, with Bitcoin reaching an all-time high of over $93,000. Asia, particularly Hong Kong and Singapore, is poised to benefit from this momentum, with increased licensing and trading activity in digital assets. However, some experts remain skeptical, viewing crypto as a speculative trade rather than a stable investment.
Julius Bär Gruppe AG
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Julius Baer reports strong net new money growth ahead of new CEO start
09:35 21.11.2024
Julius Baer reports increased net inflows as new CEO prepares to start
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09:35 21.11.2024
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08:03 21.11.2024
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20:17 20.11.2024
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10:19 19.11.2024
wealthy families prioritize succession planning taxes and political uncertainties
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Asia Set to Benefit from US Crypto Market Rally
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04:59 15.11.2024
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