Geneva-based private bank Bordier, with expanding Singaporean operations, has had strong growth of assets under management in the first half of the year – in particular at its European branches in London and Paris.
Bordier had assets under management of 10.7 billion francs at the end of the first half of 2016, an increase of almost 5 percent compared with the end of 2015, «AWP» newswire reported.
Net new money added 2.5 percent, Michel Juvet, one of three partners at the bank, told the press on Friday.
The growth of assets under management in Paris and London was more than 10 percent, the bank added. The Paris unit now has 445 million euros under management and London has 1.2 billion GBP.
Business in Switzerland by contrast was sluggish, held back by the monetary policy of the central bank and the negative interest rates.
Monetary Policy Drawbacks
The Swiss National Bank is trying to keep the Swiss franc from rising against the main currencies such as the euro and the dollar to prevent the locally produced goods from becoming prohibitively expensive.
«It costs us a lot,» Juvet told «AWP», without giving a specific sum.
Bordier, founded in 1844, is one of the last remaining classic Swiss private banks. It isn’t required to publish its results.
