Julius Baer Holding Ltd. presented the Consolidated 2009 Half-Year Results. Total client assets at CHF 367 billion Assets under management up by 9% to CHF 299 billion Net new money inflows healthy in Private Banking, marked improvement in Asset Management Net profit decreases to CHF 324 million year on year Expenses down by 12%, in line with target BIS Tier 1 ratio at 16.7%.
With average assets under management 25% lower year on year, operating income declined by 24%. Operating expenses were managed down by 12%, resulting in adjusted consolidated net profit decreasing by 37% to CHF 324 million in the first half of 2009 compared to a year ago. All businesses continued to show a positive contribution.
Compared to year-end 2008, amid stabilising financial markets and a weaker Swiss franc, consolidated assets under management increased by 9% to CHF 299 billion. Including assets under custody of CHF 68 billion, total client assets amounted to CHF 367 billion.
Continued conservative risk and balance sheet management resulted in the BIS Tier 1 ratio further improving to 16.7%.
The future Julius Baer Group Ltd. (private banking, excluding the Private Label Funds business) attracted net new private client assets of CHF 4 billion or 6% annualised, positively contributing to the 12% growth in assets under management to CHF 142 billion compared to year-end 2008.
The future GAM Holding Ltd. (asset management, including the Private Label Funds business) significantly improved asset flows compared to the second half of 2008, with net outflows slowing to CHF 0.5 billion while total assets under management rose by 6% in the first half of 2009 to CHF 156 billion compared to year-end 2008.
Having been approved by the Extraordinary General Meeting on 30 June 2009, the separation of the private banking and asset management businesses is on track to be completed by the end of the third quarter of 2009 but remains subject to regulatory approvals.
L.D.