Bloomberg

(Bloomberg) -- Julius Baer Group Ltd., Switzerland’s third-largest wealth manager, reported a rise in first half profit as the company added new client money and hired private bankers.

Net income climbed to 362 million Swiss francs ($367 million) from 39 million francs a year earlier, the Zurich-based company said in a statement on Monday. Excluding a year-earlier provision related to a U.S. tax probe, adjusted net income and adjusted earnings per share increased by 5 percent.

Business growth has improved since the first quarter, with new client money boosting assets under management by 4 percent this year to a record 311 billion francs, Chief Executive Officer Boris Collardi said in the statement.

Julius Baer has acquired businesses and hired bankers to help it chase wealth managers several times bigger such as UBS Group AG and Credit Suisse Group AG. The bank is reorganizing after integrating the Merrill Lynch non-U.S. wealth management business it bought and clearing the distraction of a U.S. tax probe that lasted at least 4 1/2 years and wiped out most of 2015’s profit due to a fine.

To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net. To contact the editors responsible for this story: Neil Callanan at ncallanan@bloomberg.net, Ross Larsen, Paul Verschuur

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