Teresa Nielsen News
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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.
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Swiss private banks withstood assaults on client secrecy by the U.S., France and Germany to attract more than 50 billion francs ($53 billion) of assets since the end of 2007.
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Julius Baer Group Ltd. climbed in Zurich trading after Vontobel Holding AG upgraded the stock and said recruitment at the Swiss private bank could lead to inflows of client money.
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BlackRock Inc., the world’s largest asset manager, agreed to buy an exchange-traded funds unit from Credit Suisse Group AG to boost its presence in Switzerland.
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Credit Suisse Group AG, Switzerland’s second-largest bank, raised its target for cost reductions for a third time in seven months as it posted fourth-quarter earnings that fell short of analysts’ estimates.
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Swiss stocks dropped to the lowest in almost two weeks as shares of banks and financial companies fell amid concern that political uncertainty in Spain and Italy may derail austerity programs.
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The head of Scotland Yard resigned yesterday, hours after former News of the World editor Rebekah Brooks was arrested as the scandal over phone hacking at the now-defunct News Corp. tabloid widened.
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UBS AG needs a “strong and competitive” investment bank, Chief Financial Officer Tom Naratil said, as analysts suggested the lender may scale down the business amid a review of financial targets.
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EFG International AG, the Swiss private bank controlled by Greek billionaire Spiro Latsis and his family, climbed the most in five months in Zurich trading after offering investors an option to exchange capital instruments as it seeks to meet new regulatory requirements.
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Julius Baer Group Ltd. fell the most in three weeks after Vontobel Holding AG cut the stock of the Swiss wealth manager to “reduce” as risks from a U.S. tax probe intensify.
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