Bär sees slight fall in profit
Swiss private bank Julius Bär has seen its net profit fall two per cent in the first six months of the year to SFr510.1 million ($502 million).
Assets under management reached SFr364 billion, down ten per cent in the first half of the year.
Net new money – funds entrusted by savers – was SFr10 billion, but this was outweighed by negative market performance equivalent to SFr32 billion and negative currency impact of SFr19 billion.
"The weak equity and debt markets as well as the strong Swiss franc have reduced our asset base, with an impact on our profits, said group CEO Johannes A. de Gier in a statement on Wednesday.
The bank said it did not experience any losses related to the credit and liquidity crisis, unlike bigger Swiss rivals UBS and Credit Suisse.
Bär also announced changes in its management structure, with de Gier leaving the group CEO position. De Gier, who will continue as chairman of the group's GAM global asset manager unit, will not be replaced.
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