Zurich-headquartered EFG International saw all regions worldwide record net inflows, with especially strong growth in Asia.
In the first ten months of 2024, EFG International recorded net new assets of 7.4 billion Swiss francs ($8.4 billion), according to the bank’s financial results. This corresponds to an annualized net new asset growth rate of 6.3 percent, which exceeds the bank’s target range of 4.6 percent. All regions saw net inflows during this period with Asia Pacific and Latin America posting double-digit growth rates.
Revenue-generating assets under management totaled approximately 159 billion francs at the end of October 2024, compared to 142.2 billion francs at the end of 2023 and 159.3 billion francs at the end of June 2024. This was driven by net inflows, positive foreign exchange impacts, and favorable market performance.
Profit Growth
Globally, net profit reached 260 million francs compared to 303.2 million francs for the full year of 2023.
«We are continuing to deliver against our strategic plan, generating increased net profit in the first ten months of 2024. Our top line has proven resilient throughout this year, supported by higher assets under management, continued strong levels of client activity and a significant increase in mandate penetration,» commented EFG International CEO Giorgio Pradelli.
«We experienced strong net asset inflows in the reporting period, with the usual seasonal effects during the summer. These inflows are a testament to the trust that our clients place in us. They also demonstrate that the investments we made last year are continuing to bear fruit with the [client relationship officers] we hired in 2023 contributing significantly to EFG’s total net new assets.»
