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"Following a record-high net profit in the first half of the
year, we are entering the second half from a position of
strength," Chief Executive Philipp Rickenbacher said in a
statement.
Wealth and asset managers have continued to benefit from soaring
stock markets and continued client activity.
Larger rival UBS on Tuesday posted a 63% jump in second-quarter
net profit, easily beating expectations as buoyant markets
continued to help the world's largest wealth manager generate
higher earnings from managing money for the rich.
In May, Zurich-based Baer posted an 8% rise in assets under
management for the first four months of 2021 to 470 billion
Swiss francs, as well as continued client inflows.
That momentum ramped up in the final two months of the
half-year, raising the bank's managed assets by 12% from
end-2020 to 486 billion Swiss francs and net new money to 10
billion francs for the six months through June.
Baer reported an adjusted cost/income ratio of 61.2%, higher
than the 60% posted through April but still well ahead of the
target it had previously set for 67% by 2022.
It also said it was acquiring an 83% stake in Zurich-based real
estate service provider Kuoni Mueller & Partner as part of a
push to extend its real estate offering.
($1 = 0.9211 Swiss francs)
(Reporting by Brenna Hughes Neghaiwi, editing by Kirsti Knolle
and John Revill)
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