Julius Baer on Monday  posted better-than-expected profits after aggressive cost-cutting and a sharp slowing of outflows from its asset management business. The results are the first for the Swiss private bank since it announced plans to split its flagship wealth management arm and its fund management business, following withdrawals by panicked investors. While first-half net profits almost halved from a year ago to SFr219m ($204m), analysts cheered a marked slowdown in outflows from its asset management business.

This entry was posted by Gwen Robinson on Tuesday, July 28th, 2009 at 4:57 and is filed under Capital markets. Tagged with julius baer. Edit this entry.