Julius Baer net slips as assets under management fall

LONDON (MarketWatch) -- Julius Baer said first-half profit fell 3% to 412 million Swiss francs ($400 million), or down 2% to a better-than-forecast 510 million francs when excluding integration, restructuring expenses and amortization of intangible assets. The Swiss bank brought in 10 billion francs of new money during the first half and said by focusing exclusively on the wealth management business, it didn't experience losses related to the credit and liquidity crisis. Assets under management fell 10% to 364 billion francs. It still plans to list Artio Global, its U.S. asset management arm, on the New York Stock Exchange when market conditions allow, it added. Separately, Johannes de Gier is retiring as CEO but will stay on as executive chairman of GAM, and the group won't replace him since it's operating as a holding... [read full story]