Thu, Oct 30, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Union Bancaire Privée increases assets under management by 10%

Friday, January 24, 2014
Opalesque Industry Update -
  • Union Bancaire Privée, UBP SA (UBP) has announced a 10% year-on-year rise in its assets under management to CHF 87.7 billion (USD 98.6 billion) as at 31 December 2013 (CHF 80 billion at the end of 2012).
  • The Group’s operating profit came to CHF 218.3 million (USD 245.5 million), up more than 20% on the previous year, attesting to the business’ good health. UBP’s consolidated net profit came to CHF 152 million (USD 171 million) after provisions (compared with CHF 175 million at the end of 2012).
  • The increase in the operating result is attributable to net inflows of funds from private and institutional clients, as well as to sound asset management performances and to the effects of the post-acquisition synergies.
  • The Bank’s financial base is sound, with a Tier 1 ratio of 29%, making it one of the best-capitalised Swiss banks.

“In the midst of the industry’s mutations and consolidations, UBP can rely on its sound client-acquisition strategy, its high-performance range of products and efficient services, and its teams’ unwavering efforts to meet all its clients’ needs”, says Guy de Picciotto, UBP’s CEO.

Increasing assets and improving results

The Bank expanded its assets under management and increased its operational results in 2013. Assets under management amounted to CHF 87.7 billion as at 31 December 2013, up 10% on the previous year. The Group’s operating profit grew by 20%, to CHF 218.3 million, up from CHF 181.4 million the year before. UBP’s consolidated net profit came to CHF 152 million after provisions (13% lower than the CHF 175 million at the end of 2012). The operational integration of Lloyds having become effective on 1 November 2013, the synergies will come into effect over the first half of 2014.

The year’s income was CHF 694 million (USD 780 million), up from CHF 691 million a year earlier, with a CHF 14 million (9%) fall in the interest margin, offset by a CHF 25.5 million (6%) rise over the year in commissions to CHF 460.6 million (USD 517.9 million). The synergies following the earlier acquisitions reduced operating expenses by 6.6%, to CHF 475.4 million (USD 534.6 million), year on year. The Group’s consolidated cost/income ratio is 68.5%, confirming the Group’s profitability.

UBP

Press release

BM

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. Manager Profile - Seth Klarman: Lessons for retail and institutional investors[more]

    From Valuewalk.com: Seth Klarman is virtually unknown outside value circles, despite his impressive record and value of assets under management. On average Baupost has returned 19% p.a. despite holding a large portion of its assets in cash. During the financial crisis, Seth Klarman’s funds lost some

  2. North America - FATCA leads 75% of U.S. expats to consider dropping citizenship[more]

    From International-adviser.com: Nearly three quarters of American expats are considering the renouncement of their citizenship following July’s introduction of the “absurd” Foreign Account Tax Compliance Act (FATCA). The findings, which were revealed in a survey by deVere, come alongside the news th

  3. Goldman in talks to acquire IndexIQ[more]

    From Bloomberg.com: Can Goldman Sachs put ETF investors on a liquid diet? Goldman is in talks to acquire IndexIQ, Reuters has reported. Index IQ is a small exchange-traded-fund firm known mostly for products that replicate hedge fund strategies, called "liquid alternative" ETFs. While IndexIQ has 11

  4. Other Voices: CALPERS dilemma should be a warning to hedge funds wanting institutional investors[more]

    From Ian Hamilton, founder of IDS Group. A quick comment on the CALPERS’ disinvestment from the hedge fund market and the jitters it is causing. Pension Funds should not be sheep and follow CALPERS’ decision as the issues that CALPERS has with hedge fund investments are in many ways unique t

  5. Hedge funds fell 1.18% in September on Fed tightening and ECB loosening[more]

    Komfie Manalo, Opalesque Asia: Hedge funds fell 1.18% in September on Fed tightening and loosening of the European Central Bank’s policy on equity markets, according to the Barclay Hedge Fund Index co