Julius Baer says four-month assets rise, net new money on track

ZURICH Wed May 14, 2014 1:31am EDT

The company logo is placed beside the entrance of the headquarters of Swiss bank Julius Baer in Zurich May 28, 2013. REUTERS/Arnd Wiegmann

The company logo is placed beside the entrance of the headquarters of Swiss bank Julius Baer in Zurich May 28, 2013.

Credit: Reuters/Arnd Wiegmann

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ZURICH (Reuters) - Julius Baer (BAER.VX) said on Wednesday that four-month assets rose 4 percent from year-end to 264 billion Swiss francs ($296.70 billion), as it won fresh funds from clients and added a recent Brazilian acquisition to its assets.

In a four-month statement, the Swiss private bank said net new money was within its target, which is 4 to 6 percent, and that its gross margin on assets rose to 95 basis points, up from 91 basis points in the second half.

Julius Baer, which is integrating Merrill Lynch's overseas wealth arm, which it bought in August 2012, said it cut roughly 100 staff in the first four months. ($1 = 0.8898 Swiss Francs)

(Reporting By Katharina Bart; Editing by Anupama Dwivedi)

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