Julius Baer records £6.4bn in new money after Credit Suisse collapse

Chris Dorrell

SWISS private bank Julius Baer has reaped the rewards of Credit Suisse’s collapse, with it yesterday reporting net inflows for the first half of the year. In the six months to June, the bank attracted CHF7.1bn (£6.4bn) in new money from wealthy clients, helping to bring assets under management to CHF441bn. This compared to net outflows of CHF1.1bn in the same period last year, when clients were spooked by economic volatility.

Profit at Julius Baer increased by 18 per cent to CHF532m, boosted by higher interest income which offset falling fee revenue.

Chief exec Philipp Rickenbacher pointed to Julius Baer’s attractiveness despite “uncertainties affecting client and market sentiment”.

Julius Baer is one of a number of Swiss banks that have sought to capitalise on the collapse of Credit Suisse earlier this year.

The bank hired 57 full-time relationship managers in an attempt