Julius Baer Group, Switzerland’s third-largest wealth manager, said its gross margin declined as it absorbed Merrill Lynch businesses it agreed to acquire from Bank of AmericA last year.

The margin, which reflects how much the bank makes in revenue on managed client assets, dropped to 97 basis points at the end of October from 102 basis points in the first half, Zurich-based Julius Baer said in an e-mailed statement today. A basis point is one-hundredth of a percentage point.

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