UBP sees increase in net profits despite impact on inflows by US dollar

Union Bancaire Privée (UBP) saw a more than 6% increase in net profits during 2023, the firm reported.

Reaching 223.8 million Swiss francs in 2023, the firm’s profit increased 6.4%, while assets under management “remained stable” at 140 billion Swiss francs.

The positive market effect and also net new money of 2.9 billion Swiss francs was completely offset by the negative impact of the Swiss franc’s appreciation against main currencies, especially the US dollar.

The bank and asset manager’s total income stood at 1.227 billion Swiss francs, which represents an increase of 1.1% compared to the full-year 2022.

“Despite the negative exchange rate effects, with more than half of our client asset base denominated in dollars, we have achieved resilient results, reflecting our capacity to grow internationally,” said CEO Giy de Picciotto. “Our main focus remains to offer our clients, both private and institutional, the best investment management products and services around the world. With this in mind we made a number of new hires in 2023, in Asia and Switzerland, and we have invested significantly in our portfolio management capabilities.

“While 2024 will remain volatile, we can rely on the commitment of our teams and our distinctive offering to strengthen our footprint in our priority markets.”