Notwithstanding a 1.16 percent fall in pre-tax profits during 2018 Julius Baer appears to have performed relatively well compared to those of its global wealth management peers that have posted results so far, at least as far as this metric is concerned.

Deutsche Bank (-13.6 percent) and JP Morgan (- 9.0 percent) both sustained much bigger profit falls in their wealth management operations. And although UBS grew its global wealth management pre-tax profits by 11.7 percent on an “unadjusted” basis these fell by two percent on its preferred “adjusted” basis.

Julius Baer's revenue growth trailed bo...