ZURICH (Reuters) – Julius Baer reported limited net fund inflows in the first four months of the year, a disappointment for investors who had expected the Swiss wealth manager to benefit from Credit’s woes. Swiss.

On the Zurich Stock Exchange, Julius Baer shares fell nearly 8% at midday.

The group, which manages the investments of wealthy people, should generate more activity after the banking crisis in March which led to the emergency takeover of Credit Suisse by its rival UBS.

However, this effect is not yet noticeable. Julius Baer reported on Tuesday for the period between January and April net capital inflows of 3.5 billion Swiss francs (3.6 billion euros). Total assets under management increased by just 1% to CHF 429 billion.

These numbers are lower than expected; some analysts predicted inflows twice as large. Others warned that it would take Julius Baer longer to attract funds from Credit Suisse.

“Overall, we view the net inflows as disappointing given that the turbulence at Credit Suisse was already significant in the fourth quarter,” ZKB analyst Michael Klien said in a note.

Julius Baer made no reference to his Swiss rivals in his January-April update, but said by recruiting new relationship managers he was well positioned to attract new funds in the medium term.

(Report Tomasz Janowski and Oliver Hirt; Victor Goury-Laffont; editing by Blandine Hénault)

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