Neuflize OBC reaches €50bn record AUM
French private bank Neuflize OBC,a subsidiary of Dutch group ABN Amro, has reached a record of €50bn of assets under management in January 2015.
The firm has published its results for 2014. Its assets under management have grown by 7% yoy, passing from €46.4bn to €49.9bn.
Neuflize OBC has boarded €2.08bn of net new inflows last year while its net income has amounted to €54.4m.
The firm explained the results are mostly due to a reshuffle of the business that has been engaged since a few years.
Neuflize OBC targets mainly high-net-worth individual clients and ultra high-net-worth individuals, whose fortune is estimated over €250,000. Those two groups of investors account for 75% of the clients of Neuflize OBC. The private bank pointed out that one third of the assets it manages come from ultra high-net-worth individuals.
Neuflize OBC has chosen to end its relationship with clients who were not entering in its targeted clientele.