Sat, Mar 28, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

UBP's AuM at CHF65bn (end-2010) compared to CHF75bn a year ago due to negative exchange-rate effects, net profits of CHF216m

Thursday, January 27, 2011
Opalesque Industry Update - Union Bancaire Privée achieves net profits of CHF 216 million as it implements its new Private Banking and Asset Management strategies

􀂄 Union Bancaire Privée (UBP) achieves net profits of CHF 216 million (USD 230 million) for the 2010 financial year as it implements its new strategies for Private Banking and Asset Management.
􀂄 Assets under management totalled CHF 65 billion (USD 69 billion) as at 31 December 2010, mainly affected by negative exchange-rate effects.
􀂄 A strong financial base and a Tier 1 ratio of 24.1% is maintained through careful risk-management and a tight rein on the balance sheet

Stable earnings

For the 2010 financial year, UBP’s consolidated net profit reached CHF 216 million (USD 230 million), identical to 2009. As at 31 December 2010, assets under management came to CHF 65 billion (USD 69 billion), versus CHF 75 billion at the end of 2009. These were mainly affected by negative exchange-rate effects.

Revenues were CHF 766 million (USD 816 million) for the year versus CHF 806 million for 2009. Interest income remained almost unchanged at CHF 162 million versus 166 million in 2009. Trading came in at CHF 195 million (USD 208 million), boosted by particularly good market conditions.

Operating expenses remained firmly under control (-1%) at CHF 493 million (USD 525 million). This figure takes into account the investment made in reorganising the Asset Management division. The Group’s consolidated cost/income ratio was 65%.

Sound financial base

The balance sheet total reached CHF 18 billion (USD 19 billion), and the return on shareholder equity for the 2010 financial year was 12.8%. Overall, the balance sheet remained stable, with a high level of liquidity. By pursuing a conservative approach to risk-management, UBP has maintained a solid financial base and a strong balance sheet. With a Tier 1 capital ratio of 24.1%, UBP is one of the best-capitalised banks in Switzerland.

The 2010 results include the agreement the Bank reached with the US liquidator dealing with the bankruptcy of Bernard L. Madoff Investment Securities, which allowed UBP to bring a final close to this chapter.

Growing new markets

After two years of profound changes to the international financial and economic landscape, 2011 will see the crystallisation of all the Bank’s efforts. The aim of Private Banking is to develop growth markets, such as the Middle East, Asia, Eastern Europe and Latin America, and to grow its European onshore client base.

Asset Management has launched a new range of in-house managed investment funds with around fifteen products, carefully tailored to meet client needs and with a particular focus on emerging markets. As a global asset manager, UBP is committed to providing innovative investment solutions suited to the new market environment, with the highest levels of service quality and transparency.

With its good 2010 results, newly-recruited renowned experts and financial solidity, the Bank is facing the future with confidence as it continues to provide its clients with the very best investment services.

(press release)


Union Bancaire Privée (UBP) is based in Geneva and is one of Switzerland’s leading private banks. Active in the field of asset management for both private and institutional clients and with a very solid balance sheet, the Bank had more than CHF 65 billion (USD 69 billion) in assets under management as at 31 December 2010. UBP employs around 1,200 people in some twenty locations worldwide and provides a complete range of products and innovative investment solutions, both in traditional and alternative asset management, with the aim of seeking out performance and attaining its clients’ objectives. Source


Bg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. Other Voices: The role of diversification in CTA portfolios[more]

    2014 brought a resurgence of managed futures strategies, or CTAs, which performed very well as a whole, outperforming all other hedge fund strategies. However, a closer look reveals that there was a wide range of performance, or return dispersion, across managers. The bottom line? Not all CTAs

  4. Neuberger Berman unit buys 20% stake in activist hedge fund Jana Partners for $2bn[more]

    Komfie Manalo, Opalesque Asia: Neuberger Berman’s unit Dyal Capital Partners bought a 20% stake in activist hedge fund firm Jana Partners worth $2bn, WSJ.com reports. The deal comes as activi

  5. Hedge fund launches fall again, $1bn funds found to outperform even smaller hedge funds[more]

    Komfie Manalo, Opalesque Asia: The number of new hedge fund launches fell again in 2014, the third consecutive year of decline, while fund liquidations saw their first drop since 2010, according to the latest HFR Market Microstructure Industry Report released by industry data provider HFR. Acc

 

banner