Asia-Pacific accounted for the most net new money at Credit Suisse’s private banking business during the first quarter this year, according to the bank’s quarterly results.
Inflows in Apac totalled CHF 5bn ($4.9bn), bringing the region’s AUM to CHF 219bn. Apac is now just under one-third of the bank’s global managed assets of CHF 786.1bn, according to the report.
In terms of net new money, in Switzerland, the firm’s headquarters, the figure was CHF 3.3bn, followed by CHF 1.3bn in international markets ex-Apac.
UBS Wealth Management earlier also reported Asia-driven business lifting its results. UBS WM’s net new money during the same period came from Asia-Pacific investors ($16.3bn out of the total $22bn globally).
Apac income down
However, the Credit Suisse report noted that Asia-Pacific generated pre-tax income of CHF 183m during the quarter, compared to CHF 234m in the same quarter last year, which was a record quarter.
“Our performance was impacted by lower levels of market activity in Asia as well as lower transaction fee pools in the first quarter of 2019 compared to the same period last year,” the report said.
However, it noted that global operating expenses were down 12%, mainly due to the absence of major litigation expenses this year.
In total, the group had net income of CHF 749m during the first quarter this year, which is 8% higher than CHF 694 during the same period last year.