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Julius Baer warns on 2019 target after Kairos outflows

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By Reuters

ZURICH (Reuters) – Private bank Julius Baer <BAER.S> said it was unlikely to achieve its 4-6% net new money target this year as ongoing outflows from funds at its Italian subsidiary Kairos put ten-month inflows across the group below 3%.

“Asset gathering saw solid momentum in our core markets, although it was partly offset by anticipated temporary headwinds and disappointing outflows from Kairos funds,” new Chief Executive Philipp Rickenbacher said in the group’s first results statement since he assumed the role.

(Reporting by Brenna Hughes Neghaiwi, John Miller)