ZURICH – Swiss bank Union Bancaire Privee said assets under management rose 8.8% in 2021 to 160.4 billion Swiss francs ($175.40 billion), helped by favourable market conditions and net capital inflows of 5.7 billion francs.
“This net new money comes mainly from growth markets, but in particular Asia, the Middle East and Eastern Europe, as well as from the acquisition of Millennium Banque Privée, which was finalised in the last quarter of the year,” it said.
Revenue rose 5.9% to 1.13 billion francs, boosted in part by a 10.6% increase in commissions, which made up for shrinking net interest margins in the current low interest rate environment.
Net earnings rose nearly 11% to 201.2 million francs.
($1 = 0.9145 Swiss francs)
(Reporting by Michael Shields; Editing by Mark Potter)
