Julius Baer accelerates cost cuts as AUM drops 11%

Falls CHF 54bn in H1 2022

AUM at Swiss private bank Julius Baer fell 11% in the first six months of the financial year, declining CHF 54bn to CHF 428bn, according to its half year results.

The group attributed the decline to significant corrections in global equity and bond markets in "one of the worst six-month periods for capital markets in decades." Although the firm has received net inflows since the end of April, this was not enough to reverse the outflows from the opening of the year and Julius Baer reported CHF 1.1bn outflows over H1. The firm revealed it would be introducing a hiring freeze for roles outside of relationship management in the second half of the year. It noted it had reduced personnel expenses in the first six months of 2022 and that it would aim ...