Julius Baer misses new money goal on Kairos outflows [Reuters]
JULIUS BAER GRP UNSP/ADR (JBAXY)
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Source: Reuters
Julius Baer misses new money goal on Kairos outflows - Reuters 3 Min Read ZURICH (Reuters) - Swiss private bank Julius Baer ( BAER.S ) missed its target for net new client money in the first six months of the year as outflows from funds at its Italian subsidiary Kairos hampered growth at the rest of the business. Switzerland’s third-largest listed bank said it brought in 6.2 billion Swiss francs ($6.3 billion) of net new money, up 3.2% on an annualized basis, and that growth would have reached its 4-6% target range without the outflows from Kairos. Private banks are struggling with low interest rates, choppy markets, and risk-averse clients, while Julius Baer is also feeling the effect of poor fund performance at Kairos last year. The bank is considering options for Kairos - including divesting it, forming a partnership or keeping it and trying to improve profitability - and intends to make a decision soon, outgoing Chief Executive Bernhard Hodler said on Monday. “Outflows (from Kai
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