EFG International Asia business caused net inflows to slow at the Swiss bank as increased market volatility caused a lower risk appetite among clients.
From July to October 2018, the bank’s Swiss and Italian business recorded positive underlying net asset inflows.
The private bank also said that its year-to-date underlying net new asset growth was at the lower end of its target range of 3-6%.
Assets under Management (AuM) at the bank totalled CHF140.1bn at the end of October 2018. EFG attributed the performance to negative market developments and CHF1.4bn in forced AuM attrition after integration with BSI.
The underlying revenue margin was lower compared to the first half of 2018. The decline was said to be driven by slower business activity.
Meanwhile, EFG also announced plans to relaunch its domestic Italian business.
As part of this strategy, the bank has named Giorgio Angelo Girelli as its new Milan branch head. The appointment is pending regulatory nod.
Girelli will assume the new responsibility on 1 December 2018 and will report to head of Switzerland and Italy Region Franco Polloni.
Girelli joins from Banca Intermobiliare n Turin, where he was the managing director.
In his two-decade long financial career, he also worked at Banca Popolare di Milano, Banca Generali, Arthur Young & Co, Innova Management, and Roland Berger Strategy Consulting.