UBP’s Asia business was highlighted as a key driver of net new money in 2021 which totaled 5.7 billion Swiss francs, according to the bank’s annual results.
Geneva-headquartered UBP’s asset under management grew 13 billion Swiss francs ($14.2 billion) to 160.4 billion Swiss francs as of 2021-end, according to a statement, marking an 8.8 percent increase.
In addition to positive mandate and funds performance, UBP also highlighted «substantial net capital inflows» totaling 5.7 billion Swiss francs.
The inflows were attributed to mainly to growth markets – Asia, Middle East and Eastern Europe, in particular – alongside the acquisition of Millennium Banque Privée, Banco Comercial Português SA’s Swiss private bank.
Higher Commissions
UBP’s annual revenues were up 5.9 percent to 1.13 billion Swiss francs, driven in part by a 10.6 percent increase in commissions.
Operating expenses were also up 5 percent to 754.5 million which the bank attributed to increased investments in sustainability and responsible investing expertise and offerings as well as the hiring and acquisition costs.
Overall, the bank posted net earnings of 201.2 million, up 10.9 percent.
«In a context marked with multiple uncertainties we continue to expand in our areas of expertise and strengthen our footprint in our priority markets, by implementing our strategy of acquisitions and targeted recruitments,» said UBP chief executive Guy de Picciotto.
