ZURICH, May 22 (Reuters) - Swiss private bank Julius Baer said on Monday its assets under management rose 6 percent in the first four months of the year to 356 billion Swiss francs ($365.3 billion).
“The rise in AuM (assets under management) came on the back of significant net inflows and market performance, partly offset by the weakening of the U.S. dollar relative to the Swiss franc,” Baer, Switzerland’s third-biggest private bank behind UBS and Credit Suisse, said in an interim management statement.
Baer focused in 2016 on recruiting new private bankers to attract new clients. It said this hiring had helped push net new money inflows, a closely watched indicator of future earnings in private banking, to the middle of its 4-6 percent target range at the start of 2017.
$1 = 0.9745 Swiss francs Reporting by Joshua Franklin; Editing by Himani Sarkar