Swiss private bank Julius Baer says assets under management fall at start of 2015

ZURICH : Swiss private bank Julius Baer said on Tuesday its assets under management fell 1 per cent to 289 billion Swiss francs ($311.93 billion) in the first four months of the year.

In an interim management statement, the Zurich-based wealth manager said net new money was at the low end its medium-term target of between 4 per cent and 6 per cent on an annualised basis.

Julius Baer's cost to income ratio, a key efficiency measure for banks, improved to a level just below its target range of between 65 per cent and 70 per cent.

($1 = 0.9265 Swiss francs)