UBP’s AUM up 11.5% yoy
Geneva headquartered Union Bancaire Privée (UBP) has increased its assets under management by 11.5% year-on-year at end 2015.
The firm’s AUM amounted to CHF110bn (€98.7bn). UBP said new inflows have been coming from institutional clients and those from the acquisition of Coutts EMEA.
Total net inflows reached CHF15.7bn (€14.1bn), which covered the impact of market volatility and the strong Swiss franc, the combined impact of which is estimated at around CHF4bn (€3.6bn).
“Our operating result reflects the resilience of our Private Banking and Asset Management businesses despite the difficult market conditions, thanks mainly to our costs being well controlled as well as a sharp increase in our assets under management”, explained Guy de Picciotto, UBP’s CEO.
The operating result, excluding restructuring costs and provisions, has declined to CHF152m (€136.4m) from CHF163m (€146.3m) at end 2014. UBP said it has been impacted by negative interest rates and currency effects.
Net profit amounted to CHF25.2m (€22.6m), that includes the costs related to the integration of Coutts EMEA and the settlement with US department of justice’s Swiss bank program.
Business revenue reached CHF750m (€673.2m) in comparison with CHF768m (€689.4m) at the end of 2014.
Lastly, UBP reported a Tier 1 ratio of 24%.