UPDATE 1-Julius Baer up after chairman says outflows manageable

* Julius Baer shares rise over 5 pct, outperform sector

* Not worried about undeclared money leaving Switzerland

* Asian growth strong

(Adds trader comment, updates shares)

ZURICH, Dec 1 (BestGrowthStock) – Shares in Julius Baer (BAER.VX: )
rose over 5 percent after the chairman of Switzerland’s
third-biggest listed bank was quoted as saying it would be able
to reach its net new money targets even if Europeans withdraw
undeclared money from Swiss bank accounts.

Switzerland’s banks are set to lose tens of billions of
Swiss francs in client assets as a result of accords Switzerland
is making with other European countries to clean up untaxed
money in secret accounts. [ID:nLDE6AA0JJ]

“We think that we will be able to reach our net new money
goals over the next years even if 25-30 percent of undeclared
money were shifted to other European countries,” Raymond Baer
told Swiss newspaper Handelszeitung.

At 1443 GMT, shares in the group were trading 5.3 percent
firmer at 40.11 Swiss francs, outperforming a 3.3 percent rise
in the European banking sector index. (.SX7P: )

“There is strong demand after the stock tested the 38
support line yesterday. The chairman of the board’s comments in
the press regarding the company’s net new money targets help,” a
trader said.

Baer said no money was flowing from Swiss Julius Baer
accounts to Singapore. Many have speculated wealthy Europeans
could move money to Singapore to continue dodging taxes.

Asia was an important market for the bank and was powering
growth in client money, he said:

“We mainly grow thanks to Asian wealth and already have more
than 20 billion Swiss francs there”.

($1=.7676 Euro)
(Reporting by Katie Reid and Silke Koltrowitz; Editing by Jon

UPDATE 1-Julius Baer up after chairman says outflows manageable