(CercleFinance.com) – Julius Baer drops 4% in Zurich, after the announcement of an adjusted net profit down 25% to 476 million Swiss francs for the first half of 2022, weighed down by a final charge of 44 million net tax related to the settlement of legacy civil litigation.
Its assets under management fell 11% to 428 billion francs, due to “significant corrections in global stock and bond markets, during one of the worst six-month periods for financial markets in decades”.
The Swiss establishment specializing in wealth management, however, points to a significant recovery in the net inflow of new money of 1.5 billion Swiss francs since the end of April, which limited the total net outflows over the whole half-year to 1 ,1 billion.
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