Despite volatile market conditions leading to a decrease in client transactions, UBP has announced an increase in its discretionary and advisory mandates, which now account for 60% of its assets under management.
UBP’s net profit rose to CHF 115.3 million in H1 2018, up 5.3% on the same period last year.
The bank benefited from CHF 2.7 billion in net inflows, bringing its assets under management to a total of CHF 128.4 billion at the end of June 2018. The net new money mostly came from Asia and Europe, and from both institutional and private clients.
Operating revenues grew by 6.0%, rising to CHF 540 million.
The bank also registered growth in operating expenses compared with last year due to hires and investments in IT and digital innovation.
The bank's Tier 1 ratio rose to 28.2% at the end of June, while the liquid ratio remained unchanged at 290.4%.
UBP CEO Guy de Picciotto said: ‘These results reflect our teams’ dynamism and our ability to meet clients’ expectations in a more difficult market environment. We continue to invest in our priority markets, as well as expanding our offering of innovative solutions to private and institutional clients.’