Sarasin Group’s net profit fell from CHF
124.5m ($139m) in 2010 to CHF111.7m for 2011, a fall of 10.3%, with
Joachim Straehle, CEO of Bank Sarasin, describing the financial
institution’s net new money growth as “very modest”.

Assets under management shrank from CHF103.3bn
in 2010 to CHF96.4bn in 2011, a dip of 6.7% owing to “negative
market performance”, according to Sarasin Group.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The bank generated net new money growth of
CHF1.5bn in during 2011 compared to CHF13.4bn in 2010.

The Sarasin Group said it plans to recruit an
extra 75 extra customer relationship managers over the financial
year 2012 in order to further improve both the quality and quantity
of client advisors at the bank. 

Sarasin Group said work on the project to
complete the sale of Rabobank’s majority shareholding in Bank
Sarasin to Safra – announced in November 2011 – is progressing as
planned.

It explained that the first approvals of the
transaction from regulatory bodies have been received and the
transaction should be completed by mid 2012.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Sarasin Group said media speculation about the
change in Bank Sarasin’s shareholder structure meant new clients
showed a great reluctance to commit funds in the second half of
2011

Commenting on Bank Sarasin’s new majority
shareholder, Safra Group, Straehle said: “It is really nice we have
such a long term investor in Sarasin who understand the business
and understands our clients. That is a big difference to our former
shareholder Rabobank.

Sarasin Group said its 2011 group income
statement included adjusted figures to allow for a number of
one-off effects, such as internal and external expenses incurred in
connection with the intended sale of Rabobank’s majority stake in
Sarasin.