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UPDATE 1-Julius Baer posts 50% FY profit rise


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ZURICH (Reuters) - Julius Baer posted a 50% rise in 2020 net profit on Monday and said it planned a share buyback, as booming markets and strong client trading helped the Swiss wealth manager overshoot its mid-term targets.
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But shares fell 2.7% by 0951 GMT, as analysts said low and negative interest rates were likely to weigh on the group and strong client trading was unlikely to maintain its bumper pace.
Net profit attributable to shareholders rose to 698 million Swiss francs ($783 million) for 2020, as financial instrument gains and a surge in client transactions offset weak interest income.
“We delivered on the first leg of the three-year transformation strategy presented in February 2020,” Chief Executive Philipp Rickenbacher said, adding that “structural difficulties” in the overall environment posed challenges ahead. ....

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