Swiss private bank Union Bancaire Privée (UBP) said that its assets under management (AuM) for the year ended 31 December 2015 stood at CHF110bn, a rise of 11.5% compared to a year ago.
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This increase was due to net inflows from institutional clients, as well as those clients acquired from Coutts EMEA.
The wealth manger has posted operating result (excluding restructuring costs and provisions) of CHF152m, down 6.7% from CHF163m at the end of 2014 due to negative interest rates and currency effects.
UBP has reported net profit of CHF25.2m taking into account the one-off costs related to the integration of Coutts EMEA, and the $188m settlement with US Department of Justice’s Swiss Bank Program.
For the year ended 31 December 2015, business revenue remained stable at CHF750m, compared with CHF768m at the end of 2014.
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By GlobalDataThe group’s operating expenses grew 2.4% considering the Coutts EMEA integration costs and the substantial investments made for implementing new regulations.
Total net inflows for 2015 amounted to CHF15.7bn, which compensated the impact of market volatility and the strong Swiss franc, the combined impact of which is estimated at nearly CHF4bn.
UBP said its Tier 1 ratio was 24% after the Coutts EMEA acquisition, well above the minimum required by Basel III and by the FINMA.
UBP’s CEO Guy de Picciotto said: "Our operating result reflects the resilience of our Private Banking and Asset Management businesses despite the difficult market conditions, thanks mainly to our costs being well controlled as well as a sharp increase in our assets under management."
