EFG has been openly admitting to benefiting from talent outflows from fallen Swiss rival Credit Suisse. The Zurich-based private bank highlighted that new hires are already contributing to net new assets for 2023.
EFG recorded net new assets of 3.7 billion Swiss francs ($4.2 billion) in 2023, according to the bank’s annual results, marking a 12 percent year-on-year increase. It said this was attributable to all locations in the region with new client relationship officers (CRO) «already contributing significantly to these strong inflows».
Assets under management in Asia reached 30.9 billion francs, up from 30.2 billion francs in 2022.
Regional Profit
Revenues in Asia fell around 1 percent to 165.5 million francs while expenses climbed 7 percent to 150.5 francs. Net profit in the region fell 43 percent to 13.2 million francs.
Moving forward, EFG will focus on three growth levers in Asia. Firstly, it will continue to strategically hire CROs. Secondly, it will refine its credit offering in Hong Kong and Singapore, increase penetration in higher margin and income-generating products and roll out digital trade execution. Thirdly, it will «fully realize synergies» from its Shaw and Partners acquisition in Australia.
