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Julius Baer: shares jump 5% after upbeat trading update

( - Julius Baer shares were up over 5% on Monday after the Swiss money manager said its strong performance in the first half of 2020 continued into the third quarter.

In its statement for the first nine months of the year, the Zurich-based firm cited "considerable improvement in profitability," driven by active client engagement and cost cutting.

Assets under management stood at 413 billion Swiss francs at the end of September, up 3% since the end of June 2020, reflecting the continued stockmarket recovery, the wealth manager said.

The figure beats the consensus, which expected 408 billion Swiss francs.

"We expect consensus to go up, especially for the second half of 2020," UBS analysts commented after the report.

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