Asian stocks rose the first time in three days, with a regional gauge set for the highest close since June 2008, after U.S. consumer sentiment beat estimates and Tokyo Electric Power Co. led Japanese utilities higher.
Julius Baer Group Ltd., the third- largest Swiss wealth manager, said client assets rose 16 percent in the first four months of the year after integrating Merrill Lynch businesses acquired from Bank of America Corp. last year.
NPB Neue Privat Bank AG, a Zurich- based private bank and asset manager, said it’s part of a group of Swiss wealth managers cooperating with a U.S. probe into alleged offshore tax evasion by Americans.
Stocks in Switzerland advanced, with the Swiss Market Index rising to its highest level in more than five years, as a report showed that U.S. hiring increased and the unemployment rate unexpectedly fell in April.
Swiss stocks declined, even as the benchmark index posted its second-biggest weekly gain this year, after data showed the world’s largest economy grew less than economists forecast in the first quarter.
Credit Suisse Group AG Chief Executive Officer Brady Dougan said the bank’s recent cost- cutting and reorganization will allow it to achieve its target of 15 percent return on equity over the business cycle.