ZURICH 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)