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UBP records net earnings of more than CHF100m in first half

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Union Bancaire Privée had net earnings of CHF103.3m (USD95.6m) at the end of the first half of 2010, in line with expectations.

UBP attracted CHF3.4bn (USD3.1bn) in capital inflows in the first half of 2010 and has seen its total assets under management stabilise at CHF71.9bn (USD66.5bn) as at 30 June 2010.

UBP has a Tier 1 capital ratio of 26.6 per cent.

“It is our determination and our flexibility which allow us to rise to today’s challenges and to maintain our profit margins at a time when the markets are still volatile,” says Guy de Picciotto, UBP’s chief executive. “In the first half of this year, we have concentrated our efforts on the quest for performance, preserving our clients’ capital and expanding our product range. At the same time, we have made significant investments to reinforce our business activity in the two principal areas of our development – private banking and asset management – and we have grown our emerging-market expertise.”

Michel Longhini’s arrival as managing director of its private banking division represents the last major appointment to UBP’s executive committee, following those of Richard Wohanka as chief executive of asset management, Eftychia (La) Fischer as head of treasury and trading, and Ian Cramb as chief operating officer.

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