Julius Baer: Interim Management Statement for the first ten months of 2009

2009-11-10 07:10:04 -

London, November , 10, 2009

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Total client assets up 22% to CHF 234 billion against year-end 2008 -

Continued positive net inflows - Cost/income ratio maintained



Zurich, 10 November 2009 --- Supported by the overall improved market

environment since the second quarter of 2009, the Julius Baer Group's

total client assets increased to CHF 234 billion at the end of

October 2009. Assets under management (AuM) increased to

approximately CHF 150 billion, up 17%, not factoring in the announced

acquisition of ING Bank (Switzerland) Ltd ('ING Bank') which is still

to be completed.



The continued recovery of most investment categories until recently

resulted in a positive market performance, while the currency impact

remained neutral overall. Net new money remained favourable with all

regions contributing positively year to date, yet at a slower pace

since mid-year 2009. Supported by the growing number of relationship

managers, the Julius Baer Group continued to record healthy inflows

across all regions, particularly pleasing again from the growth

markets. The generally tense regulatory environment in some of the

European countries, however, is leading to some clients relocating

assets. In addition, the Julius Baer Group has initiated a phased

exit from its US client business.



As anticipated, the return on assets is tending lower compared to the

first half of 2009, mainly influenced by the tightening of interest

rate spreads, the continued yet moderate improvement of client

activity from low levels and the fact that clients are still

substantially invested in cash or cash-equivalent products. With

ongoing cost-efficiency programmes well containing the Group's

expense base, the cost/income ratio remained stable compared to the

first six months of 2009. The ING Bank transaction is still expected

to be closed in the first quarter of 2010. The integration process

has been initiated.



The Julius Baer Group continues to maintain a sound balance sheet and

a solid capital base. Considering the USD 300 million proceeds from

the Artio Global IPO concluded by the end of September 2009, the BIS

Tier 1 ratio of the Julius Baer Group continued to exceed 19%, well

above the target of 12%.



Contacts:



Media Relations        Tel. +41 (0)58 888 8888

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





About Julius Baer

The Julius Baer Group is the leading Swiss pure private banking

group, with an exclusive focus on servicing and advising private

clients. Julius Baer's total client assets amounted to CHF 234

billion at the end of October 2009, with assets under management

accounting for some CHF 150 billion. With origins dating back to

1890, Bank Julius Baer & Co. Ltd. is both the principal operating

company and renowned Swiss private bank of the Julius Baer Group

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 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; Index: SLCI, SMI, SMIEXP, SPI;

Listed: Main 

Market in SIX Swiss Exchange;