Geneva’s UBP Says Lloyds Monaco Unit Boosts Client AssetsGiles Broom
Union Bancaire Privee, the Geneva-based wealth manager founded by Edgar De Picciotto in 1969, said client assets rose 8 percent in the first half of the year.
The transfer of private banking relationships in Monaco from Lloyds Banking Group Plc helped propel managed assets to 94.8 billion Swiss francs ($105 billion) at the end of June, from 87.7 billion francs at the end of December, UBP said in an e-mailed statement today. Net inflows of 2.4 billion francs also contributed to asset growth.
UBP has been rebuilding through acquisitions after client assets slumped 55 percent in the four years through June 2011. The firm agreed last year to buy Lloyds’s international private banking units in Geneva, Zurich, Monaco, Gibraltar and Montevideo.
UBP is one of more than 100 Swiss banks that have agreed to provide U.S. tax authorities with information on cross-border wealth businesses to avoid prosecution for helping Americans hide money offshore. Swiss managers that entered the disclosure program before the end of last year face penalties ranging from 20 percent to 50 percent of undeclared assets.
UBP’s profit climbed 6.2 percent to 82 million francs in the first six months, while the bank’s balance sheet was 18.5 billion francs, according to today’s statement.