Union Bancaire Privée has announced its first half-year results, revealing that the firm’s assets under management have risen 9.3 percent from December.

Overall, assets have grown by CHF 13.7 billion to CHF 161.1 billion at the end of June 2021, while revenues remain stable at CHF 562.1 million (+0.9 percent) in the first half of the year.

This increase, which has been driven mainly by net inflows from private clients (CHF 2.0 billion) and favourable market conditions, was also boosted by a solid asset management performance for its funds and mandates.

The maintenance of stable revenues was achieved despite the deterioration in net interest margins (CHF -29.1 million) which was offset by a rise in income from fees and commissions as a result of high levels of client trading activity and steady inflows into multiple mandates

 Meanwhile, operating expenses increased slightly, from CHF 360.9 million at the end of June 2020 to CHF 372.7 million at the end of June 2021 (+3.3 percent) following the investments made in front office and investment teams over the period.

 However, net profits amounted to CHF 100.2 million, compared with the previous year’s figure of CHF 107.6 million (-6.8%).

UBP’s chief executive officer, Guy de Picciotto said: “The stability of our income base and the ongoing growth in assets under management reflects a good balance across our revenue streams and, more importantly, our ability to offer our clients sustainable returns in all market conditions. As well as recently announced acquisitions, we have also made senior team hires, continuously strengthening our investment expertise and fuelling our growth strategy in key markets.”