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Mixed results for Zurich giants: Julius Baer, GAM and Vontobel results

Citywire Switzerland runs the rule over three of the city's major players following financial results announcements.

Mixed bag for Zurich giants

Zurich-based banking giants Julius Baer, GAM and Vontobel released their respective 2017 annual reports with mixed results. Here Citywire Switzerland takes a closer look at the key findings, breaking down performance figures and comparing year-on-year outcomes.   

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Mixed bag for Zurich giants

Zurich-based banking giants Julius Baer, GAM and Vontobel released their respective 2017 annual reports with mixed results. Here Citywire Switzerland takes a closer look at the key findings, breaking down performance figures and comparing year-on-year outcomes.   

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Julius Baer

Net profit: CHF 806 million (+14.2% year-on-year), excluding intergration and restructuring expenses, as well as the amortisation of intagible assets related to previous acquisitions or divestures. 

Assets under management: CHF 388.4 billion (+15.5% year-on-year)

Julius Baer saw its assets under management grow 15.5% in 2016, along with net new money inflows of CHF 22.2 billion, which was an increase of 86% on last year's inflows of CHF 11.9 billion.

The bank also increased its operating income by 14% to CHF 3.2 million. Elsewhere within the bank, Julius Baer will see 2018 move forward under new leadership, as Bernhard Hodler was appointed CEO in November 2017.

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GAM

Net profit: CHF 123.2 million (-8.3% year-on-year)

Assets under management: CHF 158.7 billion (+31.5% year-on-year)

GAM saw profits drop for a fourth year in a row to CHF 123.2 million, its lowest since 2012, when it sat at CHF 88.4 billion. This was somewhat countered by a 31.5% rise in assets under management, bringing the total to CHF 158.7 billion. Operating income also increased by 14% to CHF 3.2 million

Net inflows in investment management rose CHF 8.6 million, which marks the highest level since the company's independent listing in 2009. GAM also saw 77% of strategies outperform benchmarks. 

Commenting on the results, GAM's chairman Hugh Scott-Barrett and CEO Alexander Friedman wrote: 'We are pleased with the financial results achieved in 2017, but recognise there is still a lot to do. Further improvements in operating efficiency are crucial to unlocking GAM’s full potential.'

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Vontobel

Net profit: CHF 209 million (-21% year-on-year)

Assets under management: CHF 165.3 billion (+19.4% year-on-year)

As previously reported by Citywire Switzerland, Vontobel’s asset management arm has seen its most profitable six-month period in company history, with assets under management reaching CHF 165.3 billion by the end of 2017. 

The firm experienced net new money growth of total CHF 5.6 billion, reaching a growth rate of 6.8% and outperforming its goal of 4-6%. Its operating income dropped slightly from CHF 1.08 billion to CHF 1.06 billion, totalling a loss of CHF 20.8 million year-on-year.

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