(Bloomberg) -- Julius Baer Group is advising clients to switch out of Swiss franc cash accounts, saying it will refrain for now from emulating competitors by imposing new fees on such deposits.

“We’re turning to clients and discussing with them what are the opportunities to move away from cash Swiss franc balances,” Boris Collardi, chief executive officer of Switzerland’s third-largest wealth manager, said at a presentation in Zurich on Monday. He added that the company is monitoring how rivals are responding to new central bank charges.

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