UPDATE 1-Julius Baer says assets rise, net new money on target

miércoles 14 de mayo de 2014 02:16 GYT
 

* 264 bln Sfr includes 53 bln Sfr from Merrill deal

* Net inflows within 4-6 pct target range

* Gross margin up four basis points to 95 bp

* Cost-income ratio above 73.3 pct vs 65-70 pct goal (Adds detail)

ZURICH, May 14 (Reuters) - Julius Baer said on Wednesday that assets rose 4 percent in the first four months of the year to 264 billion Swiss francs ($296.70 billion) as it attracted new funds from clients and took a majority stake in a Brazilian wealth manager.

The Zurich-based private bank is one of 14 Swiss banks, including Credit Suisse, being targeted by U.S. prosecutors for allegedly offering hidden offshore accounts to help clients avoid taxes.

Baer, which hasn't put aside any funds towards a settlement in the U.S. probe, has said in the past it would like to reach an agreement with U.S. prosecutors as soon as possible. The bank made no comment on the probe in its four-month trading statement on Wednesday.

Baer said net new money through April was "well within" its target for 4 to 6 percent growth on existing assets.

The bank said that its gross margin on assets rose to 95 basis points, up from 91 basis points in the second half, in part due to client activity -- which has long been depressed at most private banks -- perking up in all regions.   Continuación...