Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

UBP First-Half Profit Increases 10% Before Lloyds Integration

July 30 (Bloomberg) -- Union Bancaire Privee said first-half profit climbed 10 percent as the Geneva-based wealth manager founded by Edgar de Picciotto boosted fee income and reduced costs.

Profit rose to 77.2 million Swiss francs ($83 million) from 70 million francs a year earlier, the closely held bank said in an e-mailed statement today. Client assets under management advanced to 81.1 billion francs at the end of June, from 80 billion francs six months earlier.

“Boosted by a rebound on the markets and its renewed product sales drive, UBP was able to strengthen its positioning with both private and institutional clients, not only in Switzerland, but also in emerging markets,” the firm said in the statement.

UBP, once the world’s largest investor in hedge funds, is rebuilding through acquisitions after assets slumped 55 percent in the four years through June 2011. The firm agreed in May to buy Lloyds Banking Group Plc’s international private banking units in Geneva, Zurich, Monaco, Gibraltar and Montevideo for as much as 100 million pounds ($153 million) in cash.

It will integrate 7.2 billion pounds of client assets from Lloyds when the deal closes at the end of October, UBP said.

UBP posted an 11 percent gain to 233.4 million francs of income from fees and commissions. Operating expenses fell 11 percent, lowering the firm’s cost-to-income ratio to 66 percent at the end of June from 76 percent a year earlier.

To contact the reporter on this story: Giles Broom in Geneva at

To contact the editor responsible for this story: Frank Connelly at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.