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UBP 2017 profits up 25%

UBP 2017 profits up 25%

Union Bancaire Privée (UBP) has recorded full year net profit of CHF 220.4 million ($228.7 million) for fiscal year 2017, a 25% jump from a year earlier.

Its global assets under management (AUM) grew 5.9% from CHF 118.3 billion ($123 billion) in 2016 to CHF 125.3 billion ($130 billion).

The Swiss private has attributed net new money from private clients in emerging markets, rising markets and net inflows of CHF 2.5 billion ($2.59 billion) from institutional investors.

It said the inflows offset outflows from tax regularisations for non-European clients.

In Asia, Indonesia and India carried out tax amnesty programmes in 2016 and 2017 to repatriate offshore money held by wealthy nationals.

UBP’s global private banking AUM grew marginally to CHF 95 billion ($98.7 billion). According to media reports, its total AUM in Asia now stands at approximately $14 billion, of which $1.2 billion is in funds.

‘Although these results are, in part, due to positive economic conditions and buoyant markets, they above all reflect the efforts and investments we have made over the last few years, particularly in Asia,’ said CEO Guy de Picciotto.

While bringing in significant AUM, the integration of the Coutts business in Asia contributed to an increase in total operating expenses, which grew year-on-year by 5.5% to CHF 669.6 million.

UBP also attributed the rise in expenses to added recruitment in Asia. After acquiring Coutts in April 2016, the Swiss private bank went on a hiring spree to increase the number of relationship managers (RM) to approximately 100 from 65.

In addition to expanding its RM team in North Asia – UBP appointed Ushe Koh, Ricardo Choi, and Jonathan Lin as market heads for Hong Kong, the Philippines, and Greater China, respectively.

In South Asia, Febby Avianto, market head for South East Asia, and Paras Gupta, head of discretionary portfolio management for Singapore, were some of the senior hires made in 2017.

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