Franc shock reduced Julius Baer's AuM by $26.64 billion: CEO

[April 15, 2015] ZURICH (Reuters) - The sharp appreciation in Switzerland's currency at the start of the year reduced Julius Baer's assets under management by 26 billion Swiss francs ($26.64 billion), the head of the Swiss private bank said on Wednesday.

"Comparing the situation on Dec. 31 2014 with that on Jan. 30 2015, we estimate the Swiss franc's surge cost us 26 billion francs as at the latter date and thus also lowered our revenue base," Baer Chief Executive Boris Collardi told investors at the bank's annual general meeting, according to prepared remarks.

Zurich-based Baer had 291 billion francs in assets under management at the end of 2014.

The Swiss central bank stunned financial markets on Jan. 15 when it ended its long-standing cap on the value of the franc against the euro, sending the Swiss currency surging.

($1 = 0.9759 Swiss francs)

(Reporting by Joshua Franklin)

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