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Money News

Swiss private bank UBP boosts net new assets in first half

ZURICH (Reuters) - Swiss private bank Union Bancaire Privee booked 3.7 billion Swiss francs ($3.9 billion) of net new assets in the first six months of the year, mainly from private clients, it said on Friday.

“The inflows offset most of the decline in assets under management caused by the COVID 19-related impact on financial markets, but also by adverse currency movements, especially the U.S. dollar,” it added.

Overall, assets under management fell to 137.2 billion francs from 140.3 billion at the end of 2019.

Revenues rose 4.5% year on year to 557 million in the first half, driven by strong trading activity amid volatility on financial markets.

“Against a background of an economic shutdown and an unprecedented public health crisis, we have remained close to our clients while experiencing a high level of activity in many business lines,” Chief Executive Guy de Picciotto said.

“We should not, however, underestimate the severe contraction in the real economy, which has led us to adopt a relatively cautious investment strategy for the next few months,” he said in a statement.

($1 = 0.9449 Swiss francs)

Reporting by Michael Shields; Editing by Edmund Blair

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