Julius Baer 2022 profits fall as it hits business cycle targets

in managing the investments of the ultra-wealthy, saw assets under management fall by 12% as global stock and bond markets underwent corrections.

It said the decline in managed assets was somewhat compensated for by a significant acceleration in new money flowing into the bank towards the end of 2022. Net new money totalled 9 billion Swiss francs over the year. "We are closing the 2020–2022 strategic cycle with the second-best result ever," Chief Executive Philipp Rickenbacher said in a statement.

"...This puts us on a strong footing from which we have already started the work for the upcoming three-year cycle."

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