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Julius Baer Q3 AuM Up Sequentially; Sees Impairment Charge In FY20

Julius Baer Group Ltd. (JBARF.PK,JBAXY.PK) reported Monday that its third-quarter assets under management or AuM stood at 413 billion Swiss francs at the end of September 2020, an increase of 3 percent since the end of June 2020.

Since the end of 2019, AuM are down 3 percent.

Net new money inflows rose considerably in the third quarter of 2020, resulting in an annualised growth rate of close to 4 percent for the first nine months of 2020.

The company further said its profitability improved significantly. Operating income was considerably higher in the first nine months of 2020 than in the same period a year ago, supported by ongoing active client engagement. At the same time, the cost-reduction initiatives drove operating expenses lower.

Subject to shareholder approval at the EGM on November 2, Julius Baer will make its second distribution to shareholders of 0.75 frank per share, consisting of a distribution of the "statutory capital reserve" of 0.375 frank and a dividend of 0.375 frank per share, on November 6.

Looking ahead, Julius Baer said the goodwill on its investment in Italian asset and wealth management company Kairos Investment Management SpA will be further impaired. This will lead to a non-cash charge of 177 million euros or around 190 million francs in fiscal 2020.

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