Swiss financial group Union Bancaire Privée posted CHF125.3bn (€106.7bn) of assets under management as of 31 December 2017, up 5.9% year-on-year (i.e. + CHF7bn).
The firm reported net inflows of CHF2.5bn (€2.13bn) from institutional investors throughout 2017 while net new cash coming from private clients in emerging countries have offset outflows resulting from tax regularisations faced by non-European clients.
UBP’s revenue rose to CHF1.04bn (€885m) from CHF934.6m (€795.6m) in 2016. The Swiss group explained the growth by the bullish behaviour of financial markets but also a 14.2% rise in fees and commissions, resulting from growth in advisory and discretionary mandates among private clients, as well as by an increase in interest income of CHF25m (€21.3m).
The firm’s net profit also increased by 25% from CHF176.4m (€150.1m) in 2016 to CHF220.4m (€187.6m) in 2017.
As at 31 December 2017, UBP’s balance sheet amounted to CHF32bn (+CHF1.2bn compared to 2016) and its Tier 1 ratio was 27.4%.
“Although these results are, in part, due to positive economic conditions and buoyant markets, they above all reflect the efforts and investments we have made over the last few years, particularly in Asia. Our 2017 performance was achieved in the context of a favourable economic environment, but it was also supported by a Swiss banking industry that is in good health,” said UBP’s chief executive officer Guy de Picciotto.