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Julius Baer reports increased net inflows as new CEO prepares to start
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.
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