Julius Baer says client assets grew 22%
Posted: 10 November 2009 1656 hrs

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ZURICH: Swiss private bank Julius Baer said on Tuesday that its client assets grew 22 per cent to 234 billion francs (US$232 million) by the end of October, compared to the end of 2008 amid a recovery in the financial markets.

"The continued recovery of most investment categories until recently resulted in a positive market performance, while the currency impact remained neutral overall," said the bank in a 10-month interim statement.

"Net new money remained favourable with all regions contributing positively year to date, yet at a slower pace since mid-year 2009," it added.

However, the bank noted that some clients were relocating their assets amid the "generally tense regulatory environment in some of the European countries".

"In addition, the Julius Baer group has initiated a phased exit from its US client business," it added.

Switzerland has come under intense international pressure in recent months over its strict banking secrecy rules, which critics said help to shield tax cheats.

Through newly negotiated bilateral agreements, it agreed earlier this year to offer more cooperation on tax offences.

- AFP/sc