Live News • May 25
Julius Bär Assets Reach SFr 528bn With Higher H1 Profit Expected Julius Bär reported assets under management of SFr 528bn for the first four months of 2026, a 1% rise compared with the end of 2025.
The bank attributed the AUM move to supportive market conditions and SFr 3bn in net new money.
Management signalled that IFRS net profit for the first half of 2026 is expected to be substantially higher than in the first half of 2025.
The combination of higher AUM and management’s indication of a substantially stronger H1 2026 IFRS net profit points to improving underlying business momentum in Julius Bär’s wealth management franchise.
You may want to pay close attention to the upcoming detailed half-year results for more clarity on the drivers of profit growth, including cost trends and the sustainability of net new money flows. Announcement • Apr 10
Julius Baer Group Ltd Appoints Colin Bell as Non-Executive Director and member of the Governance & Risk Committee and the Development & Innovation Committee, Effective April 9, 2026 Man Group plc announced that Colin Bell, a non-executive director of the Company, has been appointed as a non-executive director and a member of the Governance & Risk Committee and the Development & Innovation Committee of Julius Baer Group Ltd. with effect from April 9, 2026. Upcoming Dividend • Apr 06
Upcoming dividend of CHF2.60 per share Eligible shareholders must have bought the stock before 13 April 2026. Payment date: 15 April 2026. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 4.4%. Within top quartile of Swiss dividend payers (3.6%). Higher than average of industry peers (3.3%). Announcement • Mar 20
Julius Bär Gruppe AG, Annual General Meeting, Apr 09, 2026 Julius Bär Gruppe AG, Annual General Meeting, Apr 09, 2026, at 10:00 W. Europe Standard Time. Reported Earnings • Mar 17
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: CHF3.72 (down from CHF4.98 in FY 2024). Revenue: CHF3.76b (down 2.6% from FY 2024). Net income: CHF763.7m (down 25% from FY 2024). Profit margin: 20% (down from 27% in FY 2024). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Capital Markets industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 1% per year and the company’s share price has also fallen by 1% per year. Announcement • Feb 24
Julius Baer Appoints Winfried Daun as Global Head of Brand & Marketing Julius Baer announced that Winfried Daun has joined as Global Head of Brand & Marketing. In this newly created position, he oversees branding, central marketing, content marketing, as well as sponsoring and partnerships, client communities, client communications and digital channels. Winfried Daun is a senior leader with broad expertise in brand and marketing management. He previously worked at UBS, where he served in various strategic and leadership positions for over 19 years and was responsible for brand communication across all channels and global initiatives. In his most recent role, he was Head Group Brand, Creative and Innovation. Prior to that, he was a consultant at BBDO Consulting and PricewaterhouseCoopers Consulting. Winfried Daun holds a PhD in Economics from the University of St. Gallen. Reported Earnings • Feb 04
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: CHF3.72 (down from CHF4.98 in FY 2024). Revenue: CHF3.76b (down 2.6% from FY 2024). Net income: CHF763.7m (down 25% from FY 2024). Profit margin: 20% (down from 27% in FY 2024). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Capital Markets industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 3% per year. Announcement • Feb 02
Julius Bär Gruppe AG to Report First Half, 2026 Results on Jul 21, 2026 Julius Bär Gruppe AG announced that they will report first half, 2026 results on Jul 21, 2026 Announcement • Jan 15
Julius Bär Gruppe AG Announces Executive Changes Julius Baer Group announced organisational and leadership changes designed to further strengthen the Group’s transformational efforts and strategy execution. The appointed COO Jean Nabaa brings over 20 years of international experience in financial services, with an extensive focus on wealth management. He joins Julius Baer from HSBC, where he was most recently COO for International Wealth and Premier Banking and COO for Global Private Banking. Prior to that, he held COO positions at Standard Chartered Bank and Bank of America Merrill Lynch and began his career at McKinsey & Company in Switzerland. A Swiss national, Jean Nabaa holds an MBA from INSEAD and a Master of Science in Economics from the University of Lausanne.Nic Dreckmann will step down as COO and Deputy CEO of Julius Baer on 13 April 2026 by mutual agreement. He will leave Julius Baer by summer 2026 after an orderly transition, to pursue opportunities outside the Group. A new Group Communications function will also be established and be led by Cindy Leggett-Flynn, who will join Julius Baer in January 2026 and report directly to the CEO. Cindy Leggett-Flynn has a distinguished international career in strategic communications. Most recently, she served as Global Head of Communications at Credit Suisse, where she led the function during the acquisition by UBS. Prior to that, she was Chief Communications Officer at AIG, and spent over 16 years at Brunswick Group, as a Partner and Managing Partner for Greater China. A US national, Cindy Leggett-Flynn holds a Master of Arts in Land Economy from the University of Cambridge, UK. Announcement • Oct 23
Julius Baer Announces CEO Changes for Middle East Julius Baer announced the appointment of Regis Burger as its Chief Executive Officer for Middle East in addition to his current role as Head of Middle East & Africa. He replaces Alireza Valizadeh, who will leave Julius Baer with immediate effect to pursue other opportunities outside the bank. Burger has been with Julius Baer for more than 19 years and has held various roles including CEO of Julius Baer (Middle East) and Head of Business Management for Region Emerging Markets. With close to 26 years of experience in the financial services industry, he has been based in several international financial centres including Lausanne, Zurich, Geneva, Singapore, and Dubai. Reported Earnings • Jul 23
First half 2025 earnings released: EPS: CHF1.44 (vs CHF2.20 in 1H 2024) First half 2025 results: EPS: CHF1.44 (down from CHF2.20 in 1H 2024). Revenue: CHF1.81b (down 6.9% from 1H 2024). Net income: CHF295.3m (down 35% from 1H 2024). Profit margin: 16% (down from 23% in 1H 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Capital Markets industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 07
Upcoming dividend of CHF2.60 per share Eligible shareholders must have bought the stock before 14 April 2025. Payment date: 16 April 2025. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 5.4%. Within top quartile of Swiss dividend payers (4.2%). Higher than average of industry peers (3.6%). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CHF51.22, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Capital Markets industry in Switzerland. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF100 per share. Announcement • Mar 19
Julius Bär Gruppe AG, Annual General Meeting, Apr 10, 2025 Julius Bär Gruppe AG, Annual General Meeting, Apr 10, 2025, at 10:00 W. Europe Standard Time. New Risk • Feb 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swiss stocks, typically moving 4.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Declared Dividend • Feb 05
Dividend of CHF2.60 announced Dividend of CHF2.60 is the same as last year. Ex-date: 14th April 2025 Payment date: 16th April 2025 Dividend yield will be 4.6%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (52% payout ratio) and is expected to be covered in 3 years' time (49% forecast payout ratio). The dividend has increased by an average of 10% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 04
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: CHF4.98 (up from CHF2.21 in FY 2023). Revenue: CHF3.86b (up 19% from FY 2023). Net income: CHF1.02b (up 125% from FY 2023). Profit margin: 27% (up from 14% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Capital Markets industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Feb 03
Julius Bär Gruppe AG to Report First Half, 2025 Results on Jul 22, 2025 Julius Bär Gruppe AG announced that they will report first half, 2025 results on Jul 22, 2025 Announcement • Jan 29
Romeo Lacher Do Not Stand for Re-Election as Chairman of the Board of Directors of Julius Baer Group Ltd Romeo Lacher, Chairman of the Board of Directors of Julius Baer Group Ltd. informed the Board of Directors during 2024 of his intention not to stand for re-election at the Annual General Meeting 2025. Following the appointment of Stefan Bollinger as CEO, Julius Baer has the opportunity to advance its strategic development under new leadership also at the level of the Board of Directors. The Board of Directors therefore was able to initiate timely a search process for external candidates for the Chair of the Board. This process will be completed shortly. The proposal for the Chair of the Board Elect is expected to be announced together with the invitation to the Annual General Meeting and the proposals for the elections to the Board of Directors in March 2025. Announcement • Jan 08
Banco BTG Pactual S.A. signed an agreement to acquire Julius Baer Brasil Gestão de Patrimônio e Consultoria de Valores Mobiliários Ltda from Julius Bär Gruppe AG (SWX:BAER) for approximately BRL 620 million. Banco BTG Pactual S.A. signed an agreement to acquire Julius Baer Brasil Gestão de Patrimônio e Consultoria de Valores Mobiliários Ltda from Julius Bär Gruppe AG (SWX:BAER) for approximately BRL 620 million on January 7, 2025. Following the divestment, the Julius Bär Gruppe will maintain its service to Brazilian clients through its international operations. This will leave its Brazil international business unaffected. The deal is anticipated to be 30 basis points accretive to Julius Baer’s common equity tier 1 (CET1) capital ratio upon completion. The transaction is subject to customary regulatory approvals and expected to complete in the first quarter of 2025. Board Change • Oct 08
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Team Head for Greater China Markets & Executive Director Kenny Choy was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 28
First half 2024 earnings released: EPS: CHF2.20 (vs CHF2.58 in 1H 2023) First half 2024 results: EPS: CHF2.20 (down from CHF2.58 in 1H 2023). Revenue: CHF1.94b (down 4.2% from 1H 2023). Net income: CHF452.0m (down 15% from 1H 2023). Profit margin: 23% (down from 26% in 1H 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Capital Markets industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Jul 24
Julius Baer Hires Urs Brudermann as Group Head Thailand Julius Baer has recruited Urs Brudermann from Deutsche Bank as group head Thailand, a newly created role. Based in Singapore, Brudermann reports to Shui Wei Ho, market head for Thailand, Japan and Asia Switzerland. Brudermann will oversee the bank’s offshore Thailand coverage and its joint venture with Siam Commercial Bank, SCB Julius Baer. He has over 24 years of wealth management experience, of which half were spent in Singapore in senior roles across Southeast Asian markets. Brudermann was most recently Deutsche Bank’s market head Southeast Asia, where he covered Thailand, Malaysia, and Indonesia. Before joining the German bank in 2021, he had been at Credit Suisse for 11 years in leadership roles, where he managed teams in Singapore and Hong Kong with a focus on Thailand and Malaysia. In the note, the bank said it will continue expanding its operations and offerings to serve the growing market in Thailand. Ho was appointed in her new role this year to focus on growth markets, including Thailand. Announcement • Jul 05
BNP Paribas, UBS Reportedly Show Interest in HSBC’s German Wealth Unit HSBC Holdings plc (LSE:HSBA)’s sale of its German wealth-management unit is attracting initial interest from peers including BNP Paribas SA (ENXTPA:BNP) and UBS Group AG (SWX:UBSG), people familiar with the matter said, as the London-listed lender looks to streamline its global footprint. Julius Bär Gruppe AG (SWX:BAER) (Julius Baer Group Ltd.) is also among those studying the business, which could be valued at €300 million to €600 million ($324 million to $648 million) in a deal, the people said. HSBC is keen for a buyer with a global brand and existing operations in Germany for the wealth-management unit, which has about €26 billion in assets, one of the people said. KPMG is helping HSBC on the sale, the person said. Meanwhile, HSBC is working with Bank of America Corporation on the potential divestment of its German fund administration business Inka, one of the largest in the industry with about €400 billion of assets under administration, the people said, asking not to be identified as the information is private. Inka is currently being marketed to potential suitors alongside HSBC’s German custodian business and the duo could fetch several hundred million Euros in a sale, one of the people said. State Street Corp. and Universal Investment are among potential bidders that have been studying the assets, the people said. HSBC is exploring the sale of various businesses in Germany and its corporate-banking and trading activities in the country aren’t affected by the strategy review, Bloomberg News reported in April. Potential disposals would add to HSBC’s long list of exits from business activities and countries in recent years including in North America and its French retail operations, part of the efforts to sharpen its focus on core operations in Asia. Deliberations are ongoing and the potential bidders could still decide against making offers, the people said. A spokesperson for HSBC said the bank’s German wealth management, fund administration and custodian businesses are under review, and no final decisions have been made. Representatives for BNP, Julius Baer, KPMG, UBS, State Street and Universal Investment declined to comment. Announcement • Jul 04
Kenny Choy Joins as Team Head at Julius Baer Julius Baer announced Kenny Choy has joined the Swiss pure-play as team head for Greater China markets, after over four years with Deutsche Bank. Former Deutsche Bank team head Kenny Choy has moved to Julius Baer as Greater China team head, according to his LinkedIn update. Based in Hong Kong, Choy joins Julius Baer as executive director and team head for Greater China markets, effective June 2024. He had been with Deutsche Bank for over four years, last as director and team head for China markets. Prior to that, he had been with Standard Chartered for over 17 years, with the last three in private banking as China market team head. Much of his tenure with StanChart had been in Shanghai, in corporate and commercial client coverage. Citywire Asia reached out to Julius Baer for comment on the hire. The Swiss pure-play has been on a hiring spree, recently hiring Bowei Teo from JP Morgan to bolster its Southeast Asia team in Singapore, reporting to Jason Gan, Southeast Asia team head. Gan joined the bank from Credit Suisse last December. It also announced Benjamin Sim as group head Greater China Singapore, effective 1 June, reporting to Yee Kim Tan, market head Greater China Singapore. Earlier this year, the bank hired Malcolm Tay as group head Southeast Asia and Mun Joo Ng as team heads for Southeast Asia. In Hong Kong, Julius Baer named Jack Wu as a group head of Greater China Hong Kong and promoted Josephine Wang to group head of Greater China Hong Kong. Announcement • Apr 16
Julius Baer Announces Executive Changes Julius Baer has appointed Benjamin Sim as group head Greater China Singapore, effective 1 June, 2024. Based in Singapore, Sim will report to Yee Kim Tan, market head Greater China Singapore. Sim joined the bank in 2016 and is currently deputy branch manager and chief operating officer Singapore, overseeing COO services across the Singapore platform and supporting branch-related matters. Before relocating to Singapore in 2020, he held the role of COO Hong Kong. He continues his current responsibilities as deputy branch manager Singapore. Andreas Zingg, COO Asia, will take on the responsibilities as COO Singapore, in addition to his existing role. This comes after the bank’s Greater China deputy market group head Vincent Ming departed last November. Ming was at the Swiss pure-play for more than two years as a managing director based in Singapore. He has since joined wealth firm Azura Partners as its Singapore CEO. Upcoming Dividend • Apr 08
Upcoming dividend of CHF2.60 per share Eligible shareholders must have bought the stock before 15 April 2024. Payment date: 17 April 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.0%. Within top quartile of Swiss dividend payers (4.0%). Higher than average of industry peers (2.8%). Reported Earnings • Mar 20
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CHF2.21 (down from CHF4.56 in FY 2022). Revenue: CHF3.24b (down 16% from FY 2022). Net income: CHF454.0m (down 52% from FY 2022). Profit margin: 14% (down from 25% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 46%. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Capital Markets industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 7% per year, which means it is performing significantly worse than earnings. Announcement • Mar 06
Julius Baer Appoints Malcolm Tay as Group Head of South-East Asia Julius Baer appointed Malcolm Tay as group head of South-east Asia, a newly created role based in Singapore, it said on Monday. He joins the bank from Credit Suisse, where he was most recently deputy market group head and market leader for Indonesia. Before Credit Suisse, Tay spent 18 years at Deutsche Bank Wealth Management and was its group head of South-east Asia. He also held stints at Merrill Lynch and was co-head of Citi Private Bank's Indonesia onshore private bank for a decade. Announcement • Feb 03
Julius Baer Group Ltd. Announces Board Changes Julius Baer Group Ltd. announced that David Nicol, member of the Board and Chairman of its Governance and Risk Committee, will not stand for re-election at the upcoming 2024 AGM. The Board has appointed Richard M. Campbell-Breeden, non-executive Board member since 2018, as Vice-Chair. New Risk • Feb 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 14% Last year net profit margin: 25% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.0% average weekly change). Profit margins are more than 30% lower than last year (14% net profit margin). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Announcement • Feb 01
Julius Bär Gruppe AG to Report First Half, 2024 Results on Jul 25, 2024 Julius Bär Gruppe AG announced that they will report first half, 2024 results on Jul 25, 2024 Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CHF47.21, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Capital Markets industry in Switzerland. Total returns to shareholders of 2.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF87.38 per share. Major Estimate Revision • Nov 21
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CHF4.07b to CHF3.95b. EPS estimate also fell from CHF5.26 per share to CHF4.70 per share. Net income forecast to grow 1.4% next year vs 10% growth forecast for Capital Markets industry in Switzerland. Consensus price target down from CHF70.54 to CHF65.38. Share price fell 9.1% to CHF49.03 over the past week. Announcement • Nov 18
Anima Holding SpA (BIT:ANIM) agreed to acquire Kairos Partners SGR SpA from Julius Bär Gruppe AG (SWX:BAER) and other shareholders for €25 million. Anima Holding SpA (BIT:ANIM) agreed to acquire Kairos Partners SGR SpA from Julius Bär Gruppe AG (SWX:BAER) and other shareholders for €25 million on November 16, 2023. All Kairos senior management and co-shareholders will join Anima as part of the envisaged transaction. Closing of the transaction is expected in spring 2024. Announcement • Nov 17
Julius Baer Appoints Christos Anagnostopoulos as Head for Family Office Services Advisory in Singapore Julius Baer appointed Christos Anagnostopoulos as head for family office services advisory in Singapore. He has more than 12 years of experience in the industry and was most recently head of family office advisory Singapore at Credit Suisse. Announcement • Oct 11
Julius Baer Appoints Rahul Malhotra to the Newly Restructured Executive Board Julius Baer appointed Rahul Malhotra to the newly restructured executive board. He is set to assume this role at the start of 2024. Currently, Malhotra holds responsibility for Julius Baer's global India franchise, covering both onshore and non-resident Indians, in addition to overseeing operations in Japan and serving Asian clients from Switzerland and Japan. He joined Julius Baer in 2021, having previously served as the head of Southeast Asia for the regional private banking business at JP Morgan. His professional background also includes roles at Merrill Lynch and Citigroup. In his expanded role as a member of the executive board, Malhotra will take on the additional responsibility of overseeing the Emerging Markets region. In addition to his existing duties related to the Global India franchise, his remit will now encompass the Middle East, Africa, Central and Eastern Europe, Israel, Greece, and Turkey. His primary base of operations will be in Dubai, recognising the country's pivotal role as a financial hub for these dynamic growth markets. Announcement • Oct 10
Julius Baer Announces Management Changes Julius Baer has hired Sonia Gössi as head of Switzerland and Europe in the latest of a series of senior changes for the bank that include the splitting-up of its EMEA division. Gössi – previously head of wealth management Europe international north at UBS – is set to join the firm on 1 January 2024. Her appointment follows the decision of Yves Robert-Charrue, head of Switzerland and EMEA, to leave the group at the beginning of 2024. The firm has split EMEA into European and emerging markets segments as a result. Head of Americas, Beatriz Sanchez, is also stepping down from the executive board. She will now assume a strategic role of chair of Americas. Julius Baer has also brought in Thomas Frauenlob as head of intermediaries and family offices. He will join on 1 April 2024 from UBS, where he is currently the head of global financial intermediaries business after formerly being in charge of their Swiss global family office and ultra-high-net-worth franchise. Frauenlob is taking over the role from Nic Dreckmann, who is focusing on his role as chief operating officer and becomes deputy CEO of the bank. Other senior changes included promotions for Carlos Recoder Miralles – currently head Western, Northern Europe & Luxembourg – and Rahul Malhotra, who is in charge of Julius Baer’s global India franchise (onshore and non-resident), as well as Japan and Asia clients. The former will now be in charge of Americas and Iberia. He joined Julius Baer in 2016 from Credit Suisse. Meanwhile, Malhotra will serve as head of emerging markets, which includes Africa, the Middle East, Central and Eastern Europe, Israel, Greece, Turkey and India. He joined the firm from JP Morgan in 2021 and will be based primarily in Dubai, representing the financial hub’s central role for this business segment. Julius Baer has also created a new client strategy and experience division led by Sandra Niethen, which will set global standards in client service and provide support, segment management, marketing, and front-risk management for all regions. The regional leadership is now the following: •Sonia Gössi, Switzerland and Europe •Carlos Recoder Miralles, Americas and Iberia •Rahul Malhotra, emerging markets •Jimmy Lee, Asia •Thomas Frauenlob, intermediaries and family offices •Sandra Niethen, client strategy and experience. Announcement • Sep 12
Julius Baer Appoints Ricccardo Corzani as Head of A New Group and New Market Head for Italy Julius Baer appointed Ricccardo Corzani as head of a new group and new market head for Italy. Corzani will report to Ettore Bonsignore, sub region head Italy and Ticino. He joined Julius Baer from Credit Suisse, where he spent seven years. Since 2019, he covered the role of head of Italy International & Monaco in the international wealth division. Prior to that, he spent nine years at UBS covering the Turkish and Italian markets in Zurich and Lugano. In addition, Corzani joined with two teams reporting to him, one in Lugano and one in Zurich. Matteo Chiappara started as head of the Lugano team and Nicola Ballabio as head of the Zurich-based team. Furthermore, several relationship managers will join each team. Also, Julius Baer is going to build a new team of managers in Geneva for local entrepreneurs and executives to deliver a specific product suited to these clients' needs. Adrien Genecand will lead the group when he starts working at Julius Baer on 1 September 2023. On October 1, 2023, senior relationship manager Xavier Rival will be joining the team at Julius Baer, along with relationship managers Oceane Levamis and Alexis de Haynin. Reported Earnings • Jul 26
First half 2023 earnings released: EPS: CHF2.58 (vs CHF2.15 in 1H 2022) First half 2023 results: EPS: CHF2.58 (up from CHF2.15 in 1H 2022). Revenue: CHF2.03b (up 8.8% from 1H 2022). Net income: CHF531.8m (up 18% from 1H 2022). Profit margin: 26% (up from 24% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Capital Markets industry in Switzerland. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 15% per year. New Risk • Jun 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • May 23
Julius Bär Gruppe AG to Report 10 Months 2023 Results on Nov 20, 2023 Julius Bär Gruppe AG announced that they will report 10 months, 2023 results on Nov 20, 2023 Upcoming Dividend • Apr 10
Upcoming dividend of CHF2.60 per share at 4.2% yield Eligible shareholders must have bought the stock before 17 April 2023. Payment date: 19 April 2023. Payout ratio is a comfortable 57% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Swiss dividend payers (4.3%). Higher than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CHF52.90, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Capital Markets industry in Switzerland. Total returns to shareholders of 114% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF85.93 per share. Reported Earnings • Feb 05
Full year 2022 earnings: EPS in line with analyst expectations despite revenue beat Full year 2022 results: EPS: CHF4.56 (down from CHF5.06 in FY 2021). Revenue: CHF3.85b (flat on FY 2021). Net income: CHF949.6m (down 12% from FY 2021). Profit margin: 25% (down from 28% in FY 2021). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Capital Markets industry in Switzerland. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 09
Now 20% undervalued Over the last 90 days, the stock is up 6.9%. The fair value is estimated to be CHF62.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 25%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings is also forecast to grow by 9.7% per annum over the same time period. Reported Earnings • Jul 26
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down CHF605.8m from profit in 1H 2021). Profit margin: (down from 30% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 2.7% compared to a 8.5% decline forecast for the industry in Switzerland. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • May 31
High number of new directors Independent Director Tomas Varela Muina was the last director to join the board, commencing their role in 2022. Board Change • Apr 27
High number of new directors Independent Director Tomas Varela Muina was the last director to join the board, commencing their role in 2022. Upcoming Dividend • Apr 07
Upcoming dividend of CHF2.60 per share Eligible shareholders must have bought the stock before 14 April 2022. Payment date: 20 April 2022. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of Swiss dividend payers (3.8%). Higher than average of industry peers (2.8%). 
