Julius Baer says assets under management up 4% in H1

Swiss private bank Julius Baer said on Monday its assets under management rose 4 percent to 311 billion Swiss francs ($315 billion) in the first six months of 2016.

Switzerland's third-largest listed bank posted net new money, a volatile but important indicator of future earnings in wealth management, of 3.7 percent, missing its goal of between 4 percent and 6 percent on an annualized basis.

A sign sits on a wall outside the offices of Julius Baer Group Ltd. in Geneva, Switzerland.
Valentin Flauraud | Bloomberg | Getty Images
A sign sits on a wall outside the offices of Julius Baer Group Ltd. in Geneva, Switzerland.

This is one of Zurich-based Baer's three medium-term targets, all of which the bank reaffirmed.

Baer also said first-half adjusted net profit rose more than 200 percent year on year - when factoring in a provision for a 2015 U.S. legal case - to 402 million francs, ahead of analysts' forecasts.

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