Swiss private bank EFG International has reported revenue-generating assets under management of CHF83.4bn at the end of October 2015, up 4% from CHF80.2bn at end of June 2015.
Net new asset growth for the period between July 2015 and October 2015 was a healthy 8% on an annualised basis.
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The number of client relationship officers stood at 462 at end of October 2015, compared to 444 at end of June 2015. The firm has hired a total of 53 new CROs during this period representing a major investment in growth, partially offset by departures as a result of the ongoing performance management process.
The group said that its underlying net profit in the second half is expected to be lower than in the first half, while capital ratios remain stable.
Operating income and the revenue margin will remain below expectations, as in the first half of 2015.
EFG intends to cut costs by 5% or CHF30m, including efficiency improvements, a reduction of marginal offices, and a reduction in headcount of 200 employees.
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By GlobalDataAccording to the company, business performance during the four months July 2015 to October 2015 continued to be adversely affected by economic and market uncertainty.
