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J.Baer poised for buys, new targets disappoint

Reuters – Julius Baer would consider buys at home and abroad, the Swiss group, a possible buyer of Dutch rival ING Group NV’s private banking assets, said on Friday, although its shares slid sharply after the release of new financial targets.

The chief executive of Switzerland’s third-biggest bank, Boris Collardi, said in slides for an investor presentation that Europe remained the wealth manager’s key strategic market but it aimed “to further build Asia as its second home market”.

Shares in the company dropped 6 percent, however, as analysts said the new financial targets for the private bank were too conservative and those for its asset management arm too ambitious.

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