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April 27, 2010updated 04 Apr 2017 3:54pm

Rothschild plans Hong Kong branch as profits drop 32%

Rothschild Private Banks 2009 group profits dropped almost 32% on its 2008 figure, in what the bank said was extremely tough economic context it described as an annus horribilis.

By PBI Editorial

Rothschild Private Bank’s 2009 group profits dropped almost 32% on its 2008 figure, in what the bank said was extremely tough economic context it described as an “annus horribilis”.

The bank posted net profit of almost CHF137m ($128m) to 31 December 2009. It recorded a 12% rise in assets under management to CHF92.2bn, which helped balance out the profit drop. Its net inflow of fresh funds totalled CHF5.6bn giving it a slight net fund gain of CHF235m or about 4% over the past year.

The Swiss bank also laid out plans for building strategic inroads into Asia, in particular by opening a branch in Hong Kong it said would give better access to clients.

“In our view [Asia] will play a decisive role in the development and future success of our group,” it said.

Its workforce averaged 1,598 last year as against 1,517 in 2008, marking an increase of 81 employees, or about 5%.

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