ZURICH (Reuters) - Julius Baer expects to increase its takeover activities as market turbulence weeds out companies in the wealth management sector, Chief Executive Philipp Rickenbacher said on Monday.
"M&A-based consolidation is clearly a possibility," Rickenbacher told reporters after the Swiss bank reported its first half earnings.
"The current market environment will certainly bring away some of the tailwinds that the industry has had in the last years, and I would expect the coming quarters, if not years, to be more supportive for M&A opportunities. We will be ready for those."
(Reporting by John Revill, Editing by Miranda Murray)