Julius Baer, the Zurich-based private bank and asset management group, aims to boost net profit by an average of 15 per cent every year.This content was published on March 6, 2001 - 10:08
The company said in a statement that it intends to achieve this goal through expanding its key asset management business.
The bank saw net profits rise by 63 per cent to SFr433 million ($262.2 million) last year, despite a slowdown in earnings growth in the second half of the year.
Assets under management, a key indicator for earnings from private banking, rose by 11 per cent to SFr142 billion last year.
"We are convinced that the asset gathering business will continue to exhibit double-digit annual growth rates," said chief executive Walter Knabenhans at a press conference held Tuesday in Zurich.
Given the sustained inflow of new money, Knabenhans was also confident that results for 2001 would also be in line with long-term targets.
Juleus Baer also announced the launch of an independent online bank, Juleus Baer Net, which will begin operating this summer.
The bank said in a statement that the new online service is geared to "self-directed investors" who knowingly choose to forgo traditional counselling services when making investment decisions.
swissinfo with agencies
This article was automatically imported from our old content management system. If you see any display errors, please let us know: email@example.com
In compliance with the JTI standards