Julius Baer: Interim Management Statement for the first four months of 2010

Tuesday, 11. May 2010 07:00
Julius Baer Group Ltd. / Julius Baer: Interim Management Statement for the first four months of 2010 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.

Assets under management CHF 175 billion, up 14% since year-end 2009 - Continued
positive net inflows - Gross margin improving - ING Bank integration close to

Zurich, 11 May 2010 --- Julius Baer Group's assets under management (AuM) rose
to CHF 175 billion per end of April 2010. This represents an increase of 14% vs.
year-end 2009, or 5% vs. the year-end 2009 AuM of CHF 167 billion pro forma for
the inclusion of ING Bank (Switzerland) Ltd ('ING Bank'). Total client assets
increased to CHF 266 billion.

The AuM increase was supported by a positive market performance, whilst the
Swiss franc currency translation impact was neutral, with the effect of the
increase in the value of the US dollar balancing the impact from the weakening
euro. Net new money inflows showed a positive trend compared to the second half
of 2009, albeit at an annualised pace still slightly below the Group's
medium-term target. The continued solid contribution from growth markets was
partially offset by the impact from the changing regulatory environment in the
core European countries and by the exit from the US client business, which is
now in its final phase. Based on the solid client pipeline in growth markets in
particular, the Group still expects to attract net new money this year at a pace
in line with its medium-term net new money target.

The gross margin started improving from the level achieved in the second half of
2009. The further tightening of interest rate spreads had a limited impact,
whilst client activity recovered somewhat, although overall remaining at
relatively subdued levels. Due to selective incremental investments related to
business initiatives, the cost/income ratio (excluding ING Bank restructuring
and integration costs) for the first four months of 2010 was somewhat higher
than for full year 2009. The integration of ING Bank is expected to be completed
by the end of May 2010.

The Julius Baer Group continued to manage its balance sheet, including its bond
portfolio, conservatively and maintains a solid capital base. The BIS tier 1
ratio of the Julius Baer Group stood at approximately 21%.

The detailed financial results for the first half of 2010 will be published on
21 July 2010.


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About Julius Baer

The Julius Baer Group is the leading Swiss private banking group, with an
exclusive focus on servicing and advising private clients. Julius Baer's total
client assets amounted to CHF 266 billion at the end of April 2010, with assets
under management accounting for CHF 175 billion. Bank Julius Baer & Co. Ltd.,
the renowned Swiss private bank with origins dating bank to 1890, is the
principal operating company of Julius Baer Group Ltd., whose shares are listed
on the SIX Swiss Exchange (ticker symbol: BAER) and form part of the Swiss
Market Index (SMI) of the 20 largest and most liquid Swiss stocks.

Julius Baer employs a staff of over 3 000 in more than 20 countries and some 40
locations, including Zurich (head office), Buenos Aires, Dubai, Frankfurt,
Geneva, Hong Kong, London, Lugano, Milan, Moscow and Singapore.
For more information visit our website at www.juliusbaer.com


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Julius Baer Group Ltd.
Bahnhofstrasse 36; P.O. Box Zurich Switzerland

ISIN: CH0102484968;
Related Links: Julius Baer Gruppe AG
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