Heavy trading by ultra wealthy clients helped julius baer achieve record earnings in the 1st half the year.
The swiss private lender revealed on monday sfr491m ($523m) of net earnings, up 43 percent, while earnings per share rose 45 percent to sfr2.28.
With the full financial effect of covid-19 nonetheless before united states, we have been certain that we're well-prepared for a challenging second half of the season, stated philipp rickenbacher, leader of julius baer.
Net fee and fee income rose 8 % in the first 50 % of the entire year by which markets swung sharply as people weighed the corporate and economic outcomes of covid-19. the organization stated this was driven by significantly higher brokerage commissions and income from securities underwriting following a strong escalation in client deal amounts.
In february mr rickenbacher, whom became main this past year, revealed a shift in focus for bank away from asset gathering. the method included 300 task slices and plans to end relationships with customers which were no more lucrative.
Just days later, julius baer was hit by sanctions from finma, the swiss areas regulator, linked with its contacts in alleged cases of corruption between 2009 and 2018, concerning petrleos de venezuela, a state-owned energy group, and fifa, worldwide footballs regulating body.
This thirty days, the lender announced intends to introduce an unit attempting to sell private equity and debt opportunities to its ultra-wealthy customers, in a quote to draw out greater fees from people willing to tie their cost savings up for longer periods in expectation of obtaining higher returns.