Zurich-based Julius Baer grew its assets under management from clients domiciled in Asia by more than $10 billion in the first half of 2024. This was partly attributed to the recruitment of new relationship managers.
Julius Baer’s assets under management (AUM) grew 11 percent to 474 billion francs ($537 billion) in the first half of 2024, according to a presentation of the bank’s financial results. Asia accounted for around 24 percent or 114 billion francs compared to approximately 98 billion francs at end-2023, up 16 percent.
The bank attributed higher AUM in the region to the hiring of new relationship managers and the efforts of existing relationship managers. It also recorded positive net new money and increased the share of discretionary mandates, bolstered by favorable market sentiment and positive currency movements.
New Office in Singapore
During the first six months of 2024, Julius Baer also relocated its second office in Singapore to a larger space at One@Changi City which can accommodate nearly 700 back office employees to support front-office colleagues at its Marina One office.
«Our presence and activities in Singapore and Hong Kong are complemented by dedicated local participations and partnerships in China, Thailand, and Japan, where we have a deep understanding of the local market and culture,» the bank said.
