Zurich-based Julius Baer recorded net inflows for the first 10 months of 2024 with Singapore and India named as key sources in Asia.
In the first 10 months of 2024, Julius Baer saw net inflows of 11 billion Swiss francs ($12.5 billion), according to the bank’s financial results. 3.7 billion francs of net inflows were recorded in the first half (1.7 percent annualized) followed by 7.5 billion francs from July to October (4.8 percent annualized).
Net new money was sourced from clients domiciled in «strategic key markets» particularly from the UK and Germany in Europe, Singapore and India in Asia and the UAE in the Middle East.
Overall, assets under management grew 12 percent to 480 billion francs. Alongside solid net inflows, the bank also benefited from strong stock markets. The positive currency effects experienced in the first half of the year were partly reversed over the past four months.
Gross Margin Declines
From January to October 2024, Julius Baer's gross margin was 83 basis points (bps), compared to 88 bps for the full year in 2023. Contributions include 37 bps from recurring income, 23 bps from interest-driven income and 21 bps from activity-driven income.
The bank’s cost/income ratio was 71 percent compared to 69 percent at end-2023.
