Julius Baer's managed assets rise up to $308bn

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Switzerland's third-largest listed bank said net new money growth fell short of targets.

Swiss private bank Julius Baer said on Thursday its assets under management rose 2 percent to 305 billion Swiss francs ($308.7 billion) in the first four months of the year.

In an interim management statement, Switzerland's third-largest listed bank said net new money growth was below 3 percent, outside its medium-term target of between 4 percent and 6 percent on an annualised basis.

Zurich-based Baer also announced an additional cost savings of around 50 million francs after its cost to income ratio, a key efficiency measure, for the first four months came in above its 64 percent to 68 percent target range.

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