Union Bancaire Privée’s (UBP's) net profits fell by 3.4 percent to CHF 181.4 million in its full-year 2020.
In 2019, profits stood at CHF 187.8 million as the firm saw large gains following the sale of a building in London. Income remained stable, at CHF 1.07 billion, despite the significant fall in net interest margins.
Net new money was up CHF 8.97 billion. This largely came from private clients in the bank’s main markets (Switzerland, the UK, the Middle East, Europe and Asia), it said.
These inflows offset the negative exchange rate effects (CHF 7.3 billion) over the year. Assets under management (AuM)...
