(Bloomberg) -- Julius Baer Group Ltd., Switzerland’s third-largest wealth manager, stepped up the hiring pace in the first half as Chief Executive Officer Bernhard Hodler pushes to sustain growth rates achieved by his predecessor, Boris Collardi.

The Zurich-based private bank added 10 billion francs ($10.1 billion) of net new money in the first six months, in line with the company’s target of growth at a 4 to 6 percent clip. Julius Baer hired 79 relationship managers -- almost the target for the entire year -- setting the stage for future inflows. Net new money is a closely watched figure in wealth and asset management as an indicator for future revenue.

Hodler is aiming to grow assets managed for wealthy clients across Latin America, Europe and Asia. While the firm has enjoyed stellar growth through high-profile acquisitions and a hiring spree, analysts earlier this year had questioned whether it can sustain the success. Hodler, the former risk chief, took over last year when Collardi left for rival Pictet Group.

Hodler is continuing the strategy of his predecessor. The bank earlier this year agreed to acquire 95 percent of Sao Paulo-based Reliance Group, which added assets and relationship managers, and announced a partnership with Thailand’s Siam Commercial Bank. Since 2012, Julius Baer acquired the international operations of Bank of America Merrill Lynch in its largest deal, the European operations of Bank Leumi Le-Israel BM and Commerzbank’s Luxembourg business.

Assets under management rose 3 percent to 400 billion francs from the end of 2017. The firm’s growth has raised compliance issues. Swiss financial regulator Finma is conducting enforcement proceedings and earlier this year the firm said that the head of the bank’s representative office in Russia was put on leave after being implicated in actions that prompted Swiss prosecutors to conduct a dawn raid and probe of state-owned arms maker Ruag.

Baer has said it plans to hire 80 relationship managers a year. This year, it has announced the opening of a branch in Hanover and hired relationship managers in Luxembourg and Germany.

To contact the reporter on this story: Jan-Henrik Förster in Zurich at jforster20@bloomberg.net

To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Andrew Blackman

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