ZURICH, Jan 31 (Reuters) - Swiss private bank Julius Baer on Wednesday posted 2017 adjusted net profit of 806 million Swiss francs ($864.62 million), just short of the average estimate for 810 million francs in a Reuters poll.
Net profit under IFRS accounting standards was 705 million francs, up 14 percent on 2016.
Baer, Switzerland’s third-largest listed bank, brought in 22 billion francs in net new money in 2017, a growth rate of 6.6 percent and overshooting its 4-6 percent medium-term target range. The bank said it would propose a dividend of 1.40 francs per share, compared to 1.20 francs last year.
The group also announced a deal to acquire a 95 percent stake in Reliance Group, a Brazilian wealth manager with about 5 billion Swiss francs in client assets, for an undisclosed sum. ($1 = 0.9322 Swiss francs) (Reporting by Brenna Hughes Neghaiwi)