Julius Baer: Interim Management Statement for the period to 8 May 2009

Tuesday, 12. May 2009 07:00
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Group Assets under Management up - Positive net inflows in Private
Banking - Slowing outflows in Asset Management - Significant cost
reductions - Sound balance sheet with solid capital base

Zurich, 12 May 2009 --- Given the challenging markets, the Julius
Baer Group performed well during the first months of 2009, with all
businesses contributing positively. Group assets under management
(AuM) increased from the levels at the end of 2008, reflecting the
weakening of the Swiss franc against key currencies, the recent
improvement of equity markets and net new money. While the net new
money inflow into Bank Julius Baer was again positive, it continued
to be negative in Asset Management, but at a significantly slower
pace than experienced in the fourth quarter of 2008.

Bank Julius Baer continued to attract net new private banking assets,
with all regions contributing, although clearly at a slower pace than
last year's strong inflows. The Private Label Fund business continued
to record healthy inflows, comparable with a year ago. Revenues
declined in line with the lower average AuM level year on year. The
cost base continued to be managed actively without sacrificing the
core strengths of the business and notwithstanding the hiring of
additional private bankers. As previously announced, with effect from
1 May 2009, Boris F.J. Collardi became the new CEO of Bank Julius
Baer. Given the growing size and importance of the Bank's Asian
operations, the Regional Head of Asia and the Middle East will
shortly relocate from Zurich to Singapore

While the asset management industry has continued to face a
challenging environment, the overall situation has shown improvement
compared to the last quarter of 2008. As expected, GAM continued to
experience net outflows, largely stemming from a wave of
industry-wide redemptions placed during the very negative period at
the end of 2008. However, the pace of these has slowed significantly.
GAM's key multi-strategy funds of hedge funds have performed well so
far this year. On 1 April 2009, GAM announced the proposed
acquisition of Augustus Asset Managers Ltd., the successful
London-based fixed income and foreign exchange investment management
company for which regulatory approvals have now been received. While
restructuring its investment fund range, Julius Baer Asset Management
Europe achieved a satisfactory start to 2009 with positive net new
money year to date. Artio Global, which Julius Baer still intends to
IPO when market conditions allow, also experienced positive net new
money year to date.

Driven in particular by the lower AuM levels year on year, the
Group's net operating income declined by slightly more than a fifth
through April compared to the same period of last year. Ongoing
cost-cutting in all business areas resulted in a significant
reduction of operating expenses.

The Julius Baer Group continues to maintain a sound balance sheet
with low leverage, and a solid capital base. With a BIS Tier 1 ratio
at over 14% under Basel II, the Group continues to be strongly
capitalised. In addition, Bank Julius Baer & Co. Ltd. continues to be
rated Aa3 by Moody's.

Contacts:

Media Relations Tel. +41 (0)58 888 5777
Investor Relations Tel. +41 (0)58 888 5256


About Julius Baer
The Julius Baer Group, founded in 1890, is the leading dedicated
wealth manager in Switzerland. It concentrates exclusively on private
banking and asset management for private and institutional clients.
Julius Baer's total client assets amounted to CHF 338 billion at the
end of 2008, with assets under management accounting for CHF 275
billion. Bank Julius Baer, GAM and Artio Global Investors are the key
businesses of Julius Baer Holding Ltd., whose shares are listed on
the SIX Swiss Exchange and form part of the Swiss Market Index (SMI),
which comprises the 20 largest and most liquid Swiss stocks.
Julius Baer employs a staff of over 4,000 in more than 20 countries
and 40 locations, including Zurich (head office), Buenos Aires,
Dubai, Frankfurt, Geneva, Hong Kong, London, Lugano, Milan, Moscow,
New York, Singapore and Tokyo.
For more information: www.juliusbaer.com



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Julius Baer Holding
Bahnhofstrasse 36, P.O. Box Zurich
Switzerland

ISIN: CH0029758650; Index: SLCI, SMI, SMIEXP, SPI;
Listed: Main
Market in SIX Swiss Exchange;
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