ZURICH (SWITZERLAND) – Switzerland’s Union Bancaire Privee said on Friday that the private bank had booked 3.7 billion Swiss francs (£3.11 billion) worth of net new assets in the first six months of the year. It was mainly from private clients.
“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 US dollar,” it added.
Assets under under management fell to 137.2 billion francs from 140.3 billion at the end of 2019.
Revenues witnessed a climb of 4.5% year on year to touch 557 million in the first half. It rode on the back of strong trading activity despite the volatility in 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.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field