Net profits at Swiss bank Julius Baer dropped 35% last year to Sfr145m (€92m) following acquisitions, a restructuring and one-off costs of Sfr49m from closing an IT platform.

Julius Baer last year bought hedge fund GAM and three private banks, Ehinger & Armand von Ernst, Ferrier Lullin et Compagnie, Banco di Lugano from Swiss rival UBS.