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Julius Baer reported a significant net profit increase of 125% to CHF 1.02 billion for 2024, rebounding from a challenging previous year marked by substantial write-downs. Assets under management rose to CHF 497 billion, bolstered by CHF 14.2 billion in new inflows, while the dividend per share remains unchanged at CHF 2.60. The Executive Board will be streamlined from 15 to five members, and a strategy update is expected before summer 2025.
Julius Baer has appointed Stefan Bollinger, a 50-year-old Swiss wealth manager and Co-Head of Private Wealth Management EMEA at Goldman Sachs, as its new CEO, effective January 9, 2025. His selection comes amid challenges following a costly debacle with investor René Benko, but Bollinger's clean slate and personable nature may help rebuild client trust. This unexpected choice echoes the bank's past success with Boris Collardi, who navigated significant challenges during his tenure.
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.
Evie Kostakis
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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