By Jason Rhodes
ZURICH, Nov 10 (Reuters) – Swiss private bank Julius Baer Group AG said money from wealthy clients had been flowing into the group at a slower pace since mid-year due to international tax clampdowns.
Baer, which split its core private bank and asset management operations into two separately listed companies last month, also said on Tuesday it was seeking more acquisitions following its purchase of ING’s Swiss private banking assets.
“We are still open to acquisitions. In principle, the bigger the better,” said spokesman Jan Bielinski, adding Baer was looking in Asia, Switzerland and the rest of Europe.
Baer has an estimated war chest of $500 million but Bielinski said the bank could tap the market for more.
Switzerland has faced a barrage of attacks over its tax- haven status, prompting the country to relax its cherished bank secrecy to comply with international rules.