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A 6% increase in assets under management announced by Union Bancaire Privée for first half of 2012

Thursday, July 26, 2012
Opalesque Industry Update - Union Bancaire Privée, has announced an increase in its assets under management, which totalled CHF 76 billion (USD 80 billion) as at 30 June 2012, representing a 6% rise compared with the end of 2011 (CHF 72 billion). This increase is the result not only of net inflows from both private and institutional clients but also of market and exchange-rate effects, and of UBP’s acquisition of Nexar Capital Group in February 2012.

  • Thanks to careful risk-management and having run the balance sheet conservatively, UBP has maintained a strong financial base, and with a Tier 1 capital ratio of 23.5%, it is one of Switzerland’s best-capitalised banks.
  • UBP Group’s consolidated net profit stood at CHF 70 million (USD 73.9 million) at the end of the first half of 2012. This result is in line with the Bank’s expectations and takes account of the integration costs associated with acquiring ABN AMRO Bank (Switzerland) AG and Nexar Capital Group; the effects of synergies from these acquisitions will be seen in the second half of 2012.
“The first half of 2012 saw business activity slow in tough markets, with steps being taken to keep costs on a tight rein and the Bank staying solid in the face of the uncertain times in which the economic and financial world finds itself”, said Guy de Picciotto, UBP’s CEO. “Our proactive attitude puts us in a good position to meet challenges and to offset the pressures bearing down on the Swiss financial centre.”

During the first half of the year, the Bank concentrated on integrating ABN AMRO Bank (Switzerland) AG into UBP Group, with the process being completed in June 2012. At the same time, UBP acquired Nexar Capital Group, a global player in alternative investments. Despite the crisis, the Bank maintained its profitability, booking a consolidated net profit of CHF 70 million in the first half of 2012. This result was in line with expectations, being down 34% compared with the first half of 2011 (CHF 105 million), and being mostly affected by the acquisition and integration costs of the two companies mentioned above.

Assets under management came to CHF 76 billion as at 30 June 2012, up 6% on the end of 2011 (CHF 72 billion). Income stood at CHF 344.5 million for the first half of 2012 (USD 364 million), compared with CHF 383.2 million for the same period in 2011. UBP’s operating expenses continue to be kept under control, with the Group’s cost/income ratio standing at 76%, despite the integration costs of the two companies mentioned above.

The balance sheet total was CHF 17 billion as at 30 June 2012, with the annualised return on shareholders’ equity standing at 9%. By pursuing a conservative approach to risk-management, UBP has maintained a solid financial base: its Tier 1 capital ratio of 23.5% ensures that UBP is one of Switzerland’s best-capitalised banks.

During the first half of the year, UBP has continued to adapt to a new economic and regulatory environment. Net inflows have allowed the Bank to consolidate its position in the field of wealth management. The Bank also continued to develop its activity in the alternative asset management industry, confirming its commitment to this sector with the acquisition of the renowned Nexar Capital Group. In an uncertain economic and financial environment, the Bank’s investment strategy priorities are preserving its clients’ capital and providing investment solutions tailored to the new market environment.

press release

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