Berenberg FY10 profits down 6%, AuM hits ?25bn

German-based private bank Berenberg has posted a full year net profit of 61.5m ($13.6m), a decline of almost 6% from the previous year. Assets under management at the German-based private bank Berenberg increased by 16% in the twelve months to 31 December to 25.5bn. Berenberg also saw net new funds reach the highest figure in the banks history, although it did not disclose exact figures.

German-based private bank Berenberg has posted
a full year net profit of €61.5m ($13.6m), a decline of almost 6%
from the previous year.

Assets under management at the German-based
private bank Berenberg increased by 16% in the twelve months to 31
December to €25.5bn.

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Berenberg also saw net new funds reach the
highest figure in the bank’s history, although it did not disclose
exact figures.

Hans-Walter Peters, a spokesman for the bank’s
managing partners, said that the bank saw strong demand in the
UK for private banking services.

The bank launched its first UK-based wealth
management service in London early in the year, but had been
operating a 100-staff branch in London for research and sales
activities.

Total assets fell 4.4% from year-end 2009 to
€3.2trn. The bank said that the decline in total assets was the
result of customers shifting deposits into securities.