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    Vishal Shah

    Managing Director and Chief Technology Officer at Morgan Stanley

    Vishal Shah is a Managing Director and Chief Technology Officer at Alcentra, having joined the firm in June 2023 after serving as Partner and CTO at East Lodge Capital LLP since 2013. He previously held technology and quantitative development roles at another hedge fund and Morgan Stanley, focusing on data and operational development across institutional investment platforms. Shah is recognized for spearheading major technology initiatives and contributing to innovations in asset management, leveraging his expertise as a CFA Charterholder. He holds an MEng in Computing from Imperial College London and is noted for his cross-firm leadership in technology integration throughout his career.

    Vishal Shah's questions to Julius Baer Group (JBAXY) leadership

    Vishal Shah's questions to Julius Baer Group (JBAXY) leadership • H1 2023

    Question

    Vishal Shah of Morgan Stanley asked for details on gross margin trends, specifically the exit rates for May and June across NII, advisory, and brokerage fees. He also inquired about current client investment trends and positioning compared to late 2022, and the timeline for potential capital returns given the high CET1 ratio.

    Answer

    CFO Evie Kostakis provided the May/June exit margins, noting a recurring gross margin of 37 bps and an interest-driven margin of 37 bps. She confirmed that the Board of Directors will decide on capital returns above the 14% CET1 threshold at the end of the year. CEO Philipp Rickenbacher explained that clients are currently favoring deposit and term solutions, with appetite for capital markets muted by market uncertainty.

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