UBP Assets Inch Higher on Stable Revenues
Assets under management globally climbed nearly 10 percent at Union Bancaire Privée which saw profits dip slightly.
UBP posted net profits of 100.2 million Swiss francs in the first half, according to the bank’s latest results, marking a 6.9 percent drop from 107.6 million Swiss francs last year.
Revenues were stable at 562.1 million Swiss francs compared to 557 million Swiss francs last year as income from fees and commission from trading and mandate inflows offset lower net interest margins (minus 29.1 million Swiss francs).
Operating expenses increased slightly to 372.7 million Swiss francs compared to 360.9 million Swiss francs following investment in the bank’s front office and investment teams.
AUM: Inflows and Returns
Assets under management climbed 9.3 percent higher to 161 billion Swiss francs, marking a 13.7 billion Swiss franc year-on-year increase.
This was driven by 2 billion Swiss francs of net inflows and favorable market conditions that boosted assets from funds and mandates.
«The stability of our income base and the ongoing growth in assets under management reflects a good balance across our revenue streams and, more importantly, our ability to offer our clients sustainable returns in all market conditions,» said UBP’s chief executive Guy de Picciotto. «As well as recently announced acquisitions, we have also made senior team hires, continuously strengthening our investment expertise and fuelling our growth strategy in key markets.»
