May 19, 2020 / 5:22 AM / 15 days ago

Julius Baer posts 8% AuM drop, margin boost in first four months

ZURICH, May 19 (Reuters) - Julius Baer saw assets under management fall 8% in the first four months of 2020 to 392 billion Swiss francs ($403.38 billion), the Swiss private bank said on Tuesday, even as a hit to markets from coronavirus turmoil boosted its gross margins.

"We are pleased to be able to report a strong start to the year, although it is clearly too early to assess with any certainty the impact of the COVID-19 crisis on the global economy, the financial markets, and the results of Julius Baer for the remainder of 2020," Chief Executive Philipp Rickenbacher said in a statement.

Gross margins rose to 95 basis points as it saw an exceptional increase in trading volumes. ($1 = 0.9718 Swiss francs) (Reporting by Brenna Hughes Neghaiwi, editing by John Miller)

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