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☆ Two strategists explain their respective investment preference for the China and India market
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTwo strategists explain their respective investment preference for the China and India marketAlexander Cousley of Russell Investments shares why he prefers the China market over the India market on a valuation basis while Bhaskar Laxminaryan of Bank Julius Baer says that the India market is a "compounding story" that is just getting started.

Persons: Alexander Cousley, Bhaskar Laxminaryan, Bank Julius Baer Organizations: Russell Investments, Bank Locations: China, India

☆ Top wealth manager Julius Baer caught in property write-off storm as CEO steps down
▼ + stars: | 2024-02-01 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

A pedestrian sheltering under an umbrella passes a Julius Baer Group Ltd. branch in Zurich, Switzerland, on Tuesday, July 13, 2021. Group Chair Romeo Lacher said he and the board "deeply regret" net credit losses of 606 million Swiss francs ($701 million), well above consensus expectations, which include a loan loss allowance of 586 million francs. Julius Baer in November announced its exposure to the struggling Austrian company, which has been hit by the higher interest rate environment. It further said Thursday it would exit its private debt businesses, winding down its remaining private debt book of 800 million million Swiss francs, 2% of its total loan book. The bank reported net profit attributable to shareholders of 454 million Swiss francs for the full-year 2023, down 52%, with earnings per share of 2.21 francs.

Persons: Julius Baer, Philipp Rickenbacher, Romeo Lacher, Rickenbacher, Nic Dreckmann, Anke Reingen Organizations: Julius Baer Group, Signa, Austrian, CNBC, Swiss, RBC Locations: Zurich, Switzerland, Swiss

☆ Banks are being rocked again as real estate losses mount
▼ + stars: | 2024-02-01 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

The regional lender set aside $552 million in the fourth quarter to absorb loan losses, up from $62 million in the previous quarter. The increase was driven partly by expected losses on a loan used to finance an office building, it said. ET as shares in NYCB, as well as other regional banks, suffered sharp losses. Much bigger players are girding themselves for losses linked to commercial real estate. Europe’s benchmark Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, is up 23% since a low in late March.

Persons: Thomas Cangemi, Brendan McDermid, Julius Baer, Philipp Rickenbacher, Arnd Wiegmann, Reuters Philip Lawlor, ”, “, ” Lawlor, CNN’s Matt Egan Organizations: London CNN, Credit Suisse, New York Community Bancorp, New York Stock Exchange, Japan’s Aozora Bank, Federal Reserve, ”, CNN, Signa Group, Chrysler, Reuters, Deutsche Bank, Bank, Suisse —, UBS, Wilshire Indexes, KBW Locations: Europe, New York, Tokyo, Zurich, California, Republic, NYCB, Banc, Swiss, Austrian, Switzerland

☆ Sanofi CEO under pressure to woo investors after spending shock
▼ + stars: | 2023-12-05 | by ( Ludwig Burger | ) www.reuters.com time to read: +5 min

[1/2] Paul Hudson, chief executive officer of Sanofi, speaks during the annual results news conference at the company's headquarters in Paris, France, February 4, 2022. The market's shock reaction, compounded by a lack of details of the spending push, overshadowed Sanofi's plan to list its consumer unit, in line with an industry trend. David Song, a portfolio manager and investment partner at Tema ETF, said: "The narrative of Sanofi has been a margin expansion, earnings-driven story for a lot of investors." "Shouldn't investors give credit to managements who care about long-term shareholder value creation?," said Song. ($1 = 0.9206 euros)Reporting by Ludwig Burger; Editing by Josephine Mason and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Paul Hudson, Sanofi, Benoit Tessier, Hudson, Dan Lyons, Janus Henderson, Markus Manns, David Song, Fabian Wenner, Julius Baer, Union's Manns, Janus Henderson's Lyons, Johnson, Song, Ludwig Burger, Josephine Mason, Emelia Organizations: REUTERS, Reuters, Janus Henderson Investors, Germany's Union Investment, Tema, Thomson Locations: Paris, France, British, Hudson, Denver, Swiss, Tema

☆ Baer says exposure to single group tops 600 mln francs as Signa crisis deepens
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. Julius Baer has exposure to troubled property group Signa, a source close to the matter told Reuters, adding that Julius Baer was expected to write down some of those loans. "If and when appropriate, the Group will remain prudent in booking further valuation adjustments as required," Julius Baer said. Last week Baer's shares slumped to their lowest this year as the bank dampened profit expectations after loan provisions amounting to 82 million Swiss francs. Of the 82 million francs, 70 million francs were booked against its credit portfolio after Oct. 31, 2023, without identifying the loans in question.

Persons: Julius Baer, Arnd, Philipp Rickenbacher, Andreas Venditti, Noele Illien, Rachel More, Kim Coghill Organizations: REUTERS, Rights, Thomson Locations: Zurich, Switzerland, Swiss

☆ Julius Baer’s damage control only goes so far
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsMILAN, Nov 27 (Reuters Breakingviews) - Julius Baer (BAER.S) has soothed agitated investors’ fears – but only up to a point. The $11 billion Swiss wealth manager said on Monday that 70 million Swiss francs of recently revealed losses stemmed from 606 million Swiss francs of loans to a single corporate client – which Reuters identified as troubled property group Signa. That’s 40% of the bank’s 1.5 billion Swiss francs riskiest credits, an uncomfortably high concentration. That implies a buffer of 450 million Swiss francs over the 14% threshold at which boss Philipp Rickenbacher gets comfortable doing share buybacks.

Persons: Julius Baer, Arnd, ’, –, Philipp Rickenbacher, Julius Baer’s, Lisa Jucca, Warren Buffett, George Hay, Streisand Neto Organizations: REUTERS, Reuters, X, Thomson Locations: Zurich, Switzerland, China

☆ Julius Baer lowers profit expectations as credit provisions rise
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Nov 20 (Reuters) - Julius Baer (BAER.S) on Monday dampened profit expectations after it booked valuation adjustments of 82 million Swiss francs ($92.6 million). The Swiss bank said that of the 82 million francs in valuation adjustments, 70 million francs were booked against the group's credit portfolio after Oct. 31, 2023. Analysts at Zuercher Kantonalbank had expected 15 billion francs, with Baer having already reported inflows of 7 billion francs for the first half of 2023. Assets under management rose 3% to 435 billion francs during the period, driven mainly by inflows and the strength of the global equity market.

Persons: Julius Baer, Arnd, Baer, Rene Benko, Andreas Venditti, Zuercher Kantonalbank, Noele, Miranda Murray, Christopher Cushing, David Goodman Organizations: REUTERS, Rights, Signa, Reuters, Analysts, Thomson Locations: Zurich, Switzerland, Swiss, Zuercher

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. "The strength of the Swiss banks, of the Swiss economy, of the Swiss political system ... I think this is the foundation to be the preeminent number one financial place for cross border wealth management," he told the event. "Everyone is and wants to be in wealth management and everyone sticks to it, even those players who are not as efficient, not as effective as others." He declined to comment on speculation linking Julius Baer with Swiss bank EFG International (EFGN.S).

Persons: Julius Baer, Arnd, Julius Baer's, Philipp Rickenbacher, Rickenbacher, Noele Illien, John Revill, Tomasz Janowski Organizations: REUTERS, Rights, Reuters, UBS, Credit Suisse, Swiss, EFG, Thomson Locations: Zurich, Switzerland, Swiss, United States

☆ Singapore seizes money launderer's assets in Swiss banks in S$1.8 billion case
▼ + stars: | 2023-09-06 | by ( Chen Lin | ) www.reuters.com time to read: +2 min

The Straits Times Illustrations/Cel Gulapa via REUTERS/File Acquire Licensing Rights Read moreSINGAPORE, Sept 5 (Reuters) - Police in Singapore investigating a major money laundering operation have seized S$125 million ($91.79 million) from the bank accounts of one of ten foreign suspects accused in the case. The total value of assets seized by investigating authorities now stands at S$1.8 billion, according to prosecutors. The scale of the money laundering operation has shocked the wealthy Asian financial hub, and raised concerns over whether there are loopholes in its financial system. A state court denied bail for two of the accused foreigners, Wang Baosen and Su Baolin, on Wednesday. ($1 = 1.3618 Singapore dollars)Reporting by Chen Lin in Singapore; Additional Reporting by Yantoultra Ngui; Editing by Simon Cameron-Moore and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Su Baolin, Su Haijin, Chen Qingyuan, Su Wenqiang, Lin Baoying, Zhang Ruijin, Wang Dehai, Su Jianfeng, Vang Shuiming, Wang Baosen, Bank Julius Baer, Julius Baer, Chen Lin, Yantoultra Ngui, Simon Cameron, Moore, Jan Harvey Organizations: The Straits, REUTERS, Police, Turkish, Credit Suisse Singapore, Bank, Credit Suisse, Thomson Locations: Singapore, SINGAPORE, Vang

☆ The China market is a 'value trap' while the U.S. is the 'biggest' investment idea: Bank Julius Baer
▼ + stars: | 2023-08-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe China market is a 'value trap' while the U.S. is the 'biggest' investment idea: Bank Julius BaerBhaskar Laxminarayan, Asia CIO of Bank Julius Baer discusses where he thinks the opportunities for investors are at the moment.

Persons: Julius Baer Bhaskar Laxminarayan, Bank Julius Baer Organizations: Bank Locations: China, U.S, Asia

☆ Julius Baer wants to double assets under management - Handelsblatt
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

ZURICH, July 10 (Reuters) - Swiss bank Julius Baer (BAER.S) can double its assets under management to 1 trillion Swiss francs ($1.12 trillion), CEO Philipp Rickenbacher said in an interview with German daily Handelsblatt on Monday. Achieving the goal would mean a massive increase from the 429 billion francs in assets that Julius Baer currently manages, but it is possible, the daily reported, adding that Rickenbacher declined to give a timeline on when the target could be achieved. "But we are in growth mode and such ambitions are not unrealistic," he said, adding that attracting former Credit Suisse clients will take time. "Perhaps the market has overestimated the speed of the shifts," Rickenbacher said. ($1 = 0.8912 Swiss francs)Reporting by John Revill; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Julius Baer, Philipp Rickenbacher, Rickenbacher, John Revill, Sherry Jacob, Phillips Organizations: Credit Suisse, Silicon Valley Bank, Thomson Locations: ZURICH, Swiss, Silicon

☆ These funds were the best performing in the first half — and here are their favorite stocks
▼ + stars: | 2023-07-06 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

"The US-led equity rebound in 1H 2023 was unusually concentrated in the so-called 'magnificent seven' mega-cap tech stocks. Other artificial intelligence-themed stocks broadly benefited from the excitement around its long-term potential as well, such as semiconductor stocks," said Cheung. He added that was reflected in the top performing Morningstar categories, which were U.S. large-cap growth equity, technology sector equity, and Taiwan equity — based on category average returns. Here are the top performing, actively managed equity funds in the first half of the year, according to data from Morningstar. Here are some stocks that appeared most often in the top 10 holdings of the funds, with potential upside to price targets and buy ratings, according to FactSet.

Persons: Bryan Cheung, Julius Baer, Cheung Organizations: Morningstar, CNBC Pro, Investors Locations: Swiss, Taiwan, U.S, Argentine, Asia

☆ Julius Baer discusses M&T Bank's performance and banking sector
▼ + stars: | 2023-04-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConfidence may return to banking sector if M&T Bank's performance is indicative of others': BankMark Matthews of bank Julius Baer says M&T Bank "beat expectations" and its guidance was above what analysts had forecast, and if that's indicative of what the others will report, confidence will probably return to the banking sector.

☆ Swiss bank Julius Baer makes key appointments in Southeast Asia
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, April 13 (Reuters) - Zurich-based Julius Baer (BAER.S) has appointed Chin Lit Yee as its new head of South East Asia, the private bank said on Thursday. Kevin Tay will assume Yee's previous role as group head of South East Asia, with all appointments coming into effect on Thursday, according to the statement. Prior to joining Julius Baer in 2015, he had worked with Credit Suisse, Deutsche Bank and J.P. Morgan, according to Thursday's statement. The appointments come as Julius Baer intensifies its focus on Asia, its second home market. Meanwhile, Julius Baer named Yee Kim Tan as its Singapore branch manager.

As part of the overhaul announced in October, it is seeking to spin off merger advice and leveraged finance into a new entity named Credit Suisse First Boston (CSFB), for which it has been seeking buyers. Credit Suisse is most valuable in separate parts, and there are high-level M&A talks taking place, said a senior banker who advises banks on deals. TAKEOVERSelling off parts of Credit Suisse could require time, which markets may not give. The two have complementary investment banking businesses -Credit Suisse is stronger in credit and UBS in equities. However, some have faith that Credit Suisse can still make it safely to the end of the tight rope.

☆ FTSE100 stocks have been shunned for years. Now investors love them
▼ + stars: | 2023-02-17 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

Both US indexes have recovered slightly following last year’s big falls, but one of the biggest drags on their performance — high interest rates — is likely to stick around. That’s because, when interest rates are low, the yields on government bonds are also low. That boosts investors’ appetite for riskier investments, such as the stocks of small or highly indebted tech companies that could make blockbuster returns years down the line. BP (BP) and Shell (SHLX), both FTSE companies, more than doubled their annual profits last year to a combined $68 billion. But the lack of tech companies may come back to haunt the FTSE, once inflation and interest rates fall back.

LONDON, Feb 1 (Reuters) - Oil prices ticked up as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures rose 45 cents, or 0.5%, to $85.91 a barrel at 1215 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 62 cents, or 0.8%, to $79.49 a barrel. Tamer U.S. rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies, according to Stephen Brennock, analyst at PVM. OPEC's oil output fell in January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day (bpd) below their targeted volumes under the OPEC+ agreement, a Reuters survey found.

LONDON, Feb 1 (Reuters) - Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures dipped 11 cents, or 0.1%, to $85.35 a barrel at 0949 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 8 cents, or 0.1%, to $78.95 a barrel. Tamer U.S. rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies, according to Stephen Brennock, analyst at PVM. OPEC's oil output fell in January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day (bpd) below their targeted volumes under the OPEC+ agreement, a Reuters survey found.

"The successful completion of the capital increase is a key milestone for the new Credit Suisse," its chief executive Ulrich Koerner said in a statement. Credit Suisse had already raised 1.8 billion francs by placing stock with a group of institutional investors led by Saudi National Bank (1180.SE). The exercise of subscription rights left only 16.4 million shares unsold. These are due to be sold on the market at or above the offer price of 2.52 Swiss francs, Credit Suisse said. Credit Suisse, has been battered by mishaps, including a $5.5 billion loss on U.S. investment firm Archegos.

Credit Suisse has already placed some 1.8 billion francs worth of shares with a group of institutional investors led by Saudi National Bank. "The rights issue is the necessary start to the process, said Jerome Legras of Axiom Alternative Investments. REVAMP AND RECORD LOWSCredit Suisse shares, which have plumbed record lows, were buoyed last week as its leadership sought to reassure markets. After closing above 3 Swiss francs on Monday, they have retreated slightly, finishing Wednesday’s session at 2.851 Swiss francs. Crucially, they have held above the deal subscription price of 2.52 Swiss francs and were at 2.821 Swiss francs, down around 1% in mid-session trade on Thursday.

☆ Swiss bank Julius Baer on track to meet targets despite market slump
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 21 (Reuters) - Julius Baer (BAER.S) on Monday said it was on track to reach its 2022 profitability targets, despite "challenging market" conditions taking a big bite out of its assets under management. Assets under management decreased by 11% to 429 billion Swiss francs ($449.07 billion) in the 10 months to Oct. 31, Switzerland’s third-largest listed bank said, as it was hit by slumps in global stock and bond markets. The 52 billion franc downturn was partly compensated by positive currency exchanges, mainly the stronger dollar, as well as net new money inflows of 3 billion francs, it said. Julius Baer also said it is on track to buy back up to 400 million Swiss francs worth of shares by the end of February 2023 as planned. ($1 = 0.9553 Swiss francs)Reporting by Noele Illien, editing by JohnOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Who's in and out in Credit Suisse's day of reckoning
▼ + stars: | 2022-10-27 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

Oct 27 (Reuters) - Credit Suisse's (CSGN.S) latest shake-up has led to the promotion of some senior executives to more powerful roles while others are leaving. IN:MICHAEL KLEINA former Citigroup Inc (C.N) dealmaker, Klein has been named adviser to Credit Suisse CEO Ulrich Körner. He was hired by former Credit Suisse boss Tidjane Thiam in 2017 to run equity derivatives globally. A Spanish national, Lopez Lorenzo joined Credit Suisse in 2015 from JPMorgan (JPM.N) where he was a managing director in New York. The 47-year-old banker was part of a new crop of executives who had been tasked to restore Credit Suisse's reputation after a series of scandals.

☆ Singapore's digital wealth platform Endowus acquires HK'S Carret Private
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Oct 16 (Reuters) - Singapore-based digital wealth advisor Endowus has acquired a majority stake in Hong Kong-based wealth manager and multi-family office Carret Private Investments Limited, it announced on Monday. With the acquisition, total assets under management of the Endowus group - comprising Endowus' licensed companies in Singapore and Hong Kong, as well as Carret Private - stands at over $4 billion across tens of thousands of clients as at the end of the first half this year. The group, through Carret Private’s minority shareholding, will also have a partnership with Singapore-based wealth advisor and multi-family office Lumen Capital Investors. Lumen is founded and led by Wilfried Kofmehl, former CEO of Bank Julius Baer Singapore. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rae Wee; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Such sanctions would prohibit Gazprom from paying Ukraine transit fees, which analysts say could end Russian gas flows to Europe via the country. "(Sanctions) would make into reality the worst-case scenario that European governments have been preparing for all summer, a European gas market without Russian gas," said Natasha Fielding, head of EMEA gas pricing at Argus Media. "Transit through Ukraine is the only Russian gas delivery route to Europe still in use besides the Turkish Stream pipeline, which serves southeast European countries," she added. Gas flows via the only operational Ukraine transit route through Sudzha are currently around 42 million cubic metres a day. As a result, European gas storage was 88% full as of Sept. 26, although there are variations between countries.

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