ZURICH, Feb two (Reuters) – Julius Baer ( BAER.S ) stated on Thursday net profit fell 12% in 2022 amid a challenging industry atmosphere, as the Swiss bank stated it had closed its 2020-22 company cycle. . by attaining all your monetary objectives.

Net profit fell to 950 million Swiss francs ($1.05 billion) from 1.08 billion francs. The bank, which competes with UBS ( UBSG.S ) and Credit Suisse ( CSGN.S ) in managing the investments of the ultra-wealthy, saw its assets below management fall 12% as worldwide equity and bond markets underwent corrections.

It stated the decline in assets below management was somewhat offset by a substantial acceleration in the flow of new cash into the bank at the finish of 2022. Net new cash totaled 9 billion Swiss francs for the year.

“We are closing the 2020-2022 strategic cycle with the second ideal outcome ever,” CEO Philipp Rickenbacher stated in a statement.

“…This puts us on a strong foundation from which we have currently began operate for the upcoming 3-year cycle.”

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The bank also announced that it has nominated Juerg Hunziker for election to its board of directors.

($1 = .9071 Swiss francs)

Reporting by Noelle Illien, editing by Rachel Extra and John Stonestreet

Our Requirements: Thomson Reuters Trust Principles.

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