Despite Market Declines, Julius Baer Is on Track to Meet Its Goals

Julius Baer declared Monday that it is on pace to fulfill its 2022 profitability objectives despite “difficult market” conditions.

Julius Baer announced on Monday that it is on track to meet its 2022 profitability goals, despite “challenging market” conditions that have significantly reduced its assets under management.

As a result of declines in global stock and bond markets, the assets under management of Switzerland’s third-largest publicly traded bank fell 11% to 429 billion Swiss francs ($449.07 billion) in the ten months preceding October 31.

The 52 billion franc decline was partially offset by favorable currency exchanges, primarily the stronger dollar, and net new money inflows of 3 billion francs, according to the report.

“The cost/income ratio, pre-tax margin, and return on CET1 capital (RoCET1) targets set for 2022 remain well within reach,” the wealth manager said in a statement.

Julius Baer also stated that it is on schedule to repurchase up to 400 million Swiss francs worth of shares by the end of February 2023.

The bank also reclassified 1 billion Swiss francs of assets under management as assets under custody in response to asset freezes caused by sanctions imposed on clients in response to Russia’s invasion of Ukraine.

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