By Olivia Bugault
Julius Baer Group AG's (BAER.EB) assets under management increased in the first 10 months of the year, but the company expects its full-year results to be hit by an impairment related to Kairos, it said Tuesday.
The Swiss private banking group's assets under management stood at 422 billion Swiss francs ($426.54 billion) at the end of October, an increase of about 10% in the year to date through October.
"Asset gathering saw solid momentum in our core markets, although it was partly offset by anticipated temporary headwinds and disappointing outflows from Kairos funds," the bank's Chief Executive Philipp Rickenbacher said.
Julius Baer expects its 2019 results to be hit by the goodwill impairment of its Italian subsidiary Kairos that will lead to a noncash charge of roughly CHF99 million.
The bank also announced that it will launch a share buyback program on Nov. 20 for up to CHF400 million.
Julius Baer will publish its financial results for the year on Feb. 3.
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