ZURICH, May 23 (Reuters) - Swiss private bank Julius Baer on Wednesday said its assets under management rose 3 percent in the first four months of 2018 to 401 billion Swiss francs ($404 billion).
“The rise in AuM (assets under management) came on the back of continued net inflows as well as a positive currency impact, the latter mainly following the strengthening of the U.S. dollar in April,” the Zurich-based bank said in a statement. “Market performance was essentially flat.”
Chief Executive Bernhard Hodler in January said 2018 would be a good year for Switzerland’s third-largest listed bank but would be unlikely to keep pace with 2017’s bumper net money inflows, which followed an earlier hiring spree.
Baer, Switzerland’s third-largest listed bank, said it brought in net new money at a growth rate above 5 percent in the first four months of 2018, in line with its 4-6 percent medium-term target range. ($1 = 0.9924 Swiss francs) (Reporting by Brenna Hughes Neghaiwi, editing by John Miller)