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UBP reports CHF140.6bn in AUM in 1H2023

The Swiss bank's assets under management were largely flat compared with the end of last year.

Union Bancaire Privee (UBP) reported assets under management of CHF140.6bn ($162.4bn) in the first six months ended June 2023, similar to the CHF140.4bn it had at the end of 2022.

This comes as rising asset prices in major currencies amounting to around CHF4.2bn were largely offset by the appreciation of the Swiss franc against the US dollar (CHF3.5bn), the Swiss firm detailed in its results announcement.

Meanwhile, UBP’s revenues in the first half on the year amounted to CHF616.4m, a 0.7% dip from the CHF620.9m it posted in the same period last year.

The firm attributes this to a 12.5% slowdown in fees and commissions on the back of lower brokerage activities. However, it said the extent of this was mitigated by a strong net interest margin, up CHF62.6m, or 43.3%, supported by recent rate hikes.

UBP’s operating expenses came in at CHF414.8m and were in line with the previous year’s figure of CHF411.7m.

The small rise of 0.7% was the direct result of a pick-up in business travel.

Even so, the firm’s net profit for the first half of 2023 came in at CHF110.8m, just below the CHF112.6m posted in the preceding year.

“The first half of the year was marked by the strength of the Swiss franc, high inflation and rapidly rising interest rates,” said UBP CEO Guy de Picciotto.

Looking ahead, he said the firm’s role is to now “be alert to opportunities across all markets and to present suitable solutions to our clients wherever they are”, since more clients are adopting a wait-and-see approach.

The firm is seemingly moving towards this goal by beefing up its teams, specifically in Asia.

Last week, it announced the appointment of Linda Lam as its new head for equity advisory for north Asia. It had also appointed seven experienced practitioners in Asia earlier this month, with the view towards beefing up its capabilities in the ultra-high-net-worth-individuals segment.

Part of the Mark Allen Group.