ENP Newswire - 04 February 2014 Release date- 03022014 - Julius Baer (Attractive*) said this morning net profit dropped by 30% to CHF 188m in 2013 as special factors such as provisions for the Swiss- U.K. tax deal and the acquisition of part of the Merrill Lynch non-U.S. wealth businesses took its toll on earnings. Adjusted profit was CHF 480m , 19% more than a year earlier, but less than analysts expected, Switzerland's third-largest wealth manager said. Operating profit rose 26% to CHF 2.2bn . Net capital inflow was CHF 7.6bn . Assets under management increased by 34% to CHF 254bn ( CHF 53bn coming from the Merrill Lynch businesses). The private bank is proposing a CHF 0.60 per share dividend. Chief Executive Officer Boris Collardi said: 'In 2014, our focus will shift to improving the cost efficiency of the rapidly grown business.'
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