ZURICH, Nov 21 Reuters Julius Baer said on Thursday it had registered increased growth in net new money during the JulyOctober period as the Swiss bank said its incoming new CEO Stefan Bollinger would start work on Jan. 9.

In the first ten months of 2024, assets under management AUM rose to 480 billion Swiss francs 544 billion, a yeartodate increase of 12, Baer said in a statement.

Compared to the first half of 2024, when net inflows were 3.7 billion francs a 1.7 annualised increase, incoming net new money during the JulyOctober period accelerated to 7.5 billion francs, a 4.8 annualised rate, the bank said.

The latter result included a large single transaction of which the majority left in November, it added. Excluding this transaction, the JulyOctober inflow pace was 4.2.

The net new money came predominantly from key markets in Europe, especially Britain and Germany, as well as Asia notably Singapore and India and the Middle East, in particular the United Arab Emirates, Baer said.

The impact of client deleveraging diminished meaningfully compared to previous years, the bank said.

In the first ten months of 2024, the number of relationship managers grew by 46 fulltime equivalents to 1,389, it said.

1 0.8822 Swiss francs

Reporting by Dave Graham and Rachel More

Source Reuters