Worst of market selloff may be over: Julius Baer

Bloomberg

Julius Baer Group Ltd said the worst of the market selloff may be over for the Swiss wealth manager after a first half that was one of the most difficult in decades.
Clients have started to come back and will probably look for ways to make money again in the second half, CEO Philipp Rickenbacher said.
First-half profit slumped 26% as wild market swings spooked wealthy investors and eroded assets the firm oversees for the rich.
“I think the worst is through, at least for what we have seen,” Rickenbacher said on Bloomberg TV.
“While it’s a bit too early to see a full swing re-leverage yet, I think clients
will look very closely at opportunities in the second half.”
The results are the first indication how Switzerland’s large wealth managers navigated volatile markets and surging inflation that are weighing on clients’ risk appetite and threatening to drive up bad loans.
Julius Baer said earlier that it’s stepping up efforts to rein in costs as clients remain on the sidelines, including by streamlining the markets where it operates and using technology.
Julius Baer shares reversed losses to rise 2.1% in Zurich. They had declined 5% earlier, as operating profit missed analysts’ estimates, costs rose and a hiring freeze suggested the firm remains cautious for now.