The Swiss wealth manager hiked its assets as well as revenues, amid a handover in the majority-owning Latsis family.
Zurich-based EFG International's funds hit 170 billion Swiss francs ($186 billion) in the first quarter, which is up 11.2 billion francs from year-end, it said in a statement overnight. This represents a new record for the Swiss private bank which listed publicly in 2005.
It took in 1.6 billion francs in net new money during the first three months, which is at the lower end of its four to six percent growth target. Revenue was boosted by seasonally-high client activity in the beginning of the year, climbing by an undisclosed percentage on the year.
Family Handover
EFG's revenue margins edged lower compared to the second half of last year, but its cost-income ratio – which stood at 82.7 percent last year – remained stable, it said. The report comes amid a handover in the Latsis family, the wealthy Greek clan which controls 40 percent of EFG's stock.
Seventy-four-year-old Spiros Latsis is leaving, and his son,John Latsis, will be the family's key representative on EFG's board. The younger Latsis has sat on EFG's board for the past three years. Vice-chairman Niccolò Burki, a Swiss lawyer, is not standing for reelection.
