Julius Baer’s assets under management (AuM)
have increased by 2% to CHF173bn ($195.3bn) in the four months to
the end of April.

But compared on a like for like basis, AuM’s
declined by 1.1%, or 2bn, from the corresponding period a year
ago.

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Client assets up 2% YOY

The Swiss private bank had client assets of
CHF271bn as of end-April, up by 4bn since the end of 2010 and by
CHF5bn (2%) from a year ago.

In mid-April, the Swiss bank agreed
to make a one-off €50m payment to German authorities to end
investigations against the bank, and employees, regarding
undeclared assets of persons who are subject to taxation in
Germany.

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Julius Baer announced at the beginning of May
that it would enter the attractive wealth management market in
Brazil by acquiring a 30% stake in GPS, which holds AuM of
$5bn.