Union Bancaire Privee, the Geneva- based wealth manager founded by Edgar de Picciotto, posted a 12 percent increase in client assets last year after net inflows, performance gains and acquisitions.
Assets under management rose to 80 billion francs ($87 billion) from 72 billion francs a year earlier, the bank said in an e-mailed statement today. Assets climbed 5.3 percent from the end of June. Profit for 2012 was little changed at 175 billion francs, as higher fees and commissions countered a decline in trading income and lower interest margins.
The result was “positive” as UBP contends with “the changing regulatory framework both in Switzerland and abroad and the consolidation of the finance industry,” Chief Executive Officer Guy de Picciotto said in the statement.
UBP integrated ABN Amro Bank NV’s Swiss unit in 2012 and added $3 billion of assets by purchasing Nexar Capital Group, an alternative investment manager based in Paris and New York. UBP, once the world’s largest investor in hedge funds, is rebuilding through acquisitions after customer assets slumped 55 percent between 2007 and June 2011.
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