Julius Baer, the Swiss private bank, is expecting a full-year fall in profits of 50% with a further write-down on its private equity portfolio of Sfr50m (€34m) for the second half of the year.

The bank had already written down its private equity portfolio by Sfr40m for the first half of the year. The continued under-performance of its private equity portfolio contrasts with the rally in the fortunes of asset management business.