Union Bancaire Privee lifted its half-year profit, thanks largely to a one-time effect. Spending edged higher after two deals, Asian hiring, and digital expenses.
Union Bancaire Privee's profit rose to 117 million Swiss francs ($118.7 million) in the first six months, from 115 million francs last year, the Genevan wealth manager said in a statement on Friday. The sale of a London property smoothed the result, UBP said.
Revenue eased by more than one percent to 533.2 million francs. «The decline reflects the ongoing slowdown in trading activity among private and institutional clients in market conditions that are difficult to assess,» the Swiss bank said.
UBP's spending climbed nearly seven percent, from integrating Luxembourg's Banque Carnegie, which it bought in May, and British investment boutique ACPI, which it snapped up last year. The two deals pitched considerable assets into UBP, which is run by Guy de Picciotto.
Deals, Asia Paying Off
The bank also cited «significant investments» in Asian business, as well as for digital channels. «The successful integration of the two recently acquired entities, and of our new teams in Asia, is starting to pay off,» de Picciotto said in the statement.
«The strong returns delivered by our investment solutions and the ongoing growth in assets under management mean that we can look ahead to the second half of 2019 with confidence.»
Besides net new money and the takeovers, UBP benefited from favorable markets in the first half, which buffered foreign exchange swings. Its assets rose to 134 billion francs, from 127 billion francs at year-end.
