Julius Baer Reports Solid 4Q and Full-Year Results; Shares Fairly Valued
Wide-moat Julius Baer reported solid fourth-quarter and full-year results. We plan to maintain our CHF 50/$10.25 fair value estimate and wide moat rating. In 2016, Baer focused on strengthening its position as a global private bank with acquisitions and an increase in relationship managers. Baer added 116 new relationship managers, a high number relative to historical levels of around 40 per year. Excluding positive contributions from fair value adjustments of the Kairos acquisition, this hiring...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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