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Financials

Julius Baer grows 10M AuM by 2 pct in difficult market

ZURICH, Nov 20 (Reuters) - Swiss wealth manager Julius Baer on Tuesday said its assets under management (AuM) rose 2 percent in the first ten months of 2018 to 395 billion Swiss francs ($397.86 billion).

“The positive contributions to AuM from net new money growth, the acquisition (in June) of Reliance Group in Brazil, and a small positive currency impact, were largely offset by adverse market performance,” the Zurich-based bank said in a statement. “Most of the negative market impact on AuM occurred in October, when many leading stock markets suffered significant corrections.” ($1 = 0.9928 Swiss francs) (Reporting by Brenna Hughes Neghaiwi, editing by Tassilo Hummel)

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