Franc shock reduced Julius Baer's AuM by 26 bln Sfr-CEO

April 15, 2015 9:11 AM

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ZURICH, April 15 (Reuters) - The sharp appreciation in Switzerland's currency at the start of the year reduced Julius Baer's assets under management by 26 billion Swiss francs ($26.64 billion), the head of the Swiss private bank said on Wednesday.

"Comparing the situation on Dec. 31 2014 with that on Jan. 30 2015, we estimate the Swiss franc's surge cost us 26 billion francs as at the latter date and thus also lowered our revenue base," Baer Chief Executive Boris Collardi told investors at the bank's annual general meeting, according to prepa...

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