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February 27, 2012updated 04 Apr 2017 3:43pm

Sarasin Group suffers profit dip

a fall of 10.3%, with Joachim Straehle CEO of Bank Sarasin, describing the overall result 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

By Thomas McMahon

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.

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.

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.

 

 

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