Julius Baer announced it half year result. The net profit was impacted by the provision of $350m (CHF 326m) for the potential settlement with the US Department of Justice (DoJ) regarding the legacy US cross-border business and decreased by 62% to CHF 109m.
Julius Baer also continues its strategy of acquisition. It agreed to acquire a 40% stake in NSC Asesores, the largest independent financial advisory firm in Mexico managing c.a. $3bn, for an undisclosed amount. Julius Baer is also interested in Swiss firms with CHF 5bn to 15bn under management said Boris Collardi, the CEO. Smaller rivals are struggling under a crackdown on undeclared offshore accounts.