Julius Baer has reported assets under management of SFr 528bn ($672.5bn) in the first four months of 2026, representing a 1% rise from the end of 2025.
It attributed the increase to supportive market movements and SFr 3bn in net new money, which together were enough to counter the drag from another rise in the Swiss franc.
The annualised pace of net new money was 1.7%, compared with 2.7% in the second half of 2025.
The bank linked the lower rate to the continued roll-out of its revised risk and compliance framework, uncertainty stemming from the conflict in the Middle East, and a halt in client releveraging.
Julius Baer was continuing efforts to contain costs across the organisation and improve operating efficiency. It added the programme to deliver SFr 130m in gross run-rate efficiency measures by the end of 2028 remained on course.
The adjusted cost/income ratio was 62%, compared with an underlying 67% in the second half of 2025.
The adjusted pre-tax profit margin was 32 basis points, versus an underlying 26 basis points in the H2 2025.
Julius Baer CEO Stefan Bollinger said: “In the first four months of 2026, we delivered the strongest start to the year in Julius Baer Group’s history in terms of operating income, while operating leverage improved further. This overall strong performance was driven by record-high assets under management, exceptionally strong client activity, and sustained cost discipline. This performance is a testament to the strength of our franchise and the quality of our independent, personalised advice as we help clients navigate highly volatile markets in unpredictable times.”
The bank said that after weaker client activity in April, it did not expect a return in the coming months to the unusually high level of activity seen in the first quarter of 2026.
It said the overall showing in the opening months of the year, together with the lack of significant one-off items, meant it was positioned to report IFRS net profit for the first half of 2026 that would be “substantially higher” than in the first half of 2025.
Meanwhile, Julius Baer Group’s finance chief Evie Kostakis will step down after a transition period in the second half of the year, as she moves on to another international leadership post.
The Swiss bank said it is working on succession plans and will name a replacement later.
Kostakis is set to stay until the end of 2026 to support the handover to her successor.
