Geneva-based Union Bancaire Privée (UBP) saw a year-on-year increase in assets under management of 11.5%, according to its full-year results.
As of December 31, 2015, the firm’s assets under management totalled 110 billion Swiss francs (€98.7 billion). UBP said institutional clients and the acquisition of Coutts’ Europe, Middle East and Africa division, had been the primary drivers of inflows.
Total net inflows reached 15.7 billion francs, more than offsetting the impact of market volatility and a strong Swiss franc, which reduced the firm’s assets by 4 billion francs.
Despite the increase in the firm’s assets, the firm’s operating income declined to 152 million francs (from 163 million at year-end 2014), with a net profit of 25.2 million francs.
UBP attributed the fall to negative interest rates, currency effects and its settlement with the US department of justice’s Swiss bank program. The program offers Swiss banks that may have committed tax-related criminal offences the opportunity to disclose their activities and pay a reduced penalty.
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