Next Tuesday’s half-year results will mark the first major test for Julius Baer’s new leadership. Following a difficult transition year in 2025 and the lingering fallout from the Signa debacle, CEO Stefan Bollinger must demonstrate that the Zurich-based wealth manager’s recovery is becoming sustainable rather than cyclical.
The bank’s first four-month update certainly raised expectations. Julius Baer delivered the strongest start to a year in its history, with assets under management climbing to a record 528 billion Swiss francs. Strong client activity, higher margins and continued cost discipline combined to produce record operating income.
Yet one weak spot remained. Net new money amounted to just 3 billion francs, well below market expectations and still some distance from the bank’s medium-term objective of annual inflows of 4 to 5 percent by 2028.
Management also cautioned that much of the earnings strength reflected exceptionally high client activity during the first quarter, while business had already begun to normalize in April. As a result, investors will focus less on the reported figures than on whether the underlying momentum has continued into the second quarter.
1. Is Net New Money Recovering?
