Union Bancaire Privée’s AUM up by close to 10 per cent to CHF161.1bn
Union Bancaire Privée (UBP) assets under management reached CHF161.1 billion at the end of June 2021, a rise of 9.3 per cent from December 2020.
The increase, driven mainly by net inflows from private clients (CHF 2.0 billion) and favourable market conditions, was also boosted by a solid asset management performance for funds and mandates.
Revenues were stable at CHF562.1 million (+0.9 per cent) in the first half of 2021, up slightly from CHF557.0 million a year earlier. This was achieved despite the deterioration in net interest margins (-CHF29.1 million) which was offset by a rise in income from fees and commissions as a result of high levels of client trading activity and steady inflows into our mandates.
Operating expenses increased slightly, from CHF360.9 million at the end of June 2020 to CHF 372.7 million at the end of June 2021 (+3.3 per cent) following the investments made in our front office and investment teams over the period. Net profits amounted to CHF100.2 million, compared with the previous year’s figure of CHF107.6 million (-6.8 per cent).
The Tier 1 ratio of 25.3 per cent at the end of June 2021 reflects the quality of the Bank’s balance sheet and its ability to continue its development both in Switzerland and abroad.
“The stability of our income base and the ongoing growth in assets under management reflects a good balance across our revenue streams and, more importantly, our ability to offer our clients sustainable returns in all market conditions. As well as recently announced acquisitions, we have also made senior team hires, continuously strengthening our investment expertise and fuelling our growth strategy in key markets,” says UBP’s CEO, Guy de Picciotto.