The Swiss-based Reyl Group with a subsidiary in Singapore had a significant increase in net new money in 2017, which in turn provided a boost to profit.
Net income at Reyl Group rose more than four fifths to 24 million Swiss francs in 2017, the company said in a statement on Tuesday. Assets under management rose by a fifth to 15.8 billion francs, with net new money inflows touching 1.6 billion francs. In 2016, net new money was 1.1 billion.
The increase in assets under management pushed income at the bank's key business – services and commissions – to more than 110 million francs from a previous 81 million. The bank also had higher interest and trading income.
The group’s main subsidiary, Bank Reyl, also reported an increase in assets under management for 2017. Deposits rose 18 percent to 8.3 billion francs. The asset management unit, RAM Active Investments, managed client assets worth 4,9 billion francs at the end of 2017, a gain of 14 percent on the year.
Expansion of Private Investments
Last November, Reyl Group said it wanted to sell 70 percent of its stake in RAM Active Investments to the Italian investment bank Mediobanca. The group decided in February to expand the private investment business together with the private banks Banque Pâris Betrand Sturdza and Bordier.
«We also want to clearly raise our investments in our digital platform as well as in our teams,» François Reyl, CEO of Reyl Group, said on Tuesday.
