Assets under management at Bank Julius Baer in the first ten months of 2015 exceeded analysts expectations, helped by the contribution of acquisitions and despite the negative impact of the strengthening of the Swiss francs.

Julius Baer reported assets under management of 297 billion francs by the end of October 2015, an increase of 6 billion from the end of 2014, the company said in a statement on Tuesday. The transfer of assets from Leumi Private Bank in the first half of the year and the transfer of Merrill Lynch’s International Wealth Management business in India in September boosted the total amout, Julius Baer said.

The contributions of the two units integrated were partly offset by a negative currency impact of 11 billion francs following the strengthening of the Swiss franc against almost all currencies so far this year.

Restrained Activity

The gross margin for the first ten months was 95 basis points, below the 99 basis points recorded in the first half of 2015, but above the 94 basis points achieved in the full year 2014.

«In the four months since the end of June, client activity became more restrained – this was due not only to seasonal influences but, in the last two months of the period, also driven by the increased uncertainty after the volatile stock market movements in August and September as well as reduced foreign exchange trading volumes,» Julius Baer said in the statement.