Julius Baer reports strong inflows and earnings
Julius Baer said in a trading statement today that inflows into its wealth management unit continue to be strong during the first four months of the year.
The Zurich-based bank said it had not suffered any losses as a result of the credit crunch. The bank provided no figures in the statement.
"Julius Baer's business performance in the first four months of 2008 was satisfactory given the continued difficult market conditions," the bank said in a statement.
Hiring of client advisors and other staff positions continues, including recruiting for recently opened offices in Moscow and Verbier, a ski resort in Switzerland, Julius Baer said.
The bank also reaffirms its capital management policy of returning excess capital to shareholders, as evidenced by the current buyback programme, while maintaining the BIS Tier 1 ratio target of 12% under Basel II.
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