27th January 2012
Union Bancaire Privée reported net profit for 2011 of CHF 176m (€146m £121m $189m ¥14.7bn Y1,191m) down 18%. Of this fall, CHF 22m (around 10%) was due to the integration expense from the purchase of ABN Amro (Switzerland).
AUM was CHF 72bn (€60bn £50bn $77bn ¥6.0bn Y487bn)up CHF 7bn, the same amount of assets as was acquired with ABN Amro. There is good news even in a stationary result -namely that the banks' AUM fell by almost one half up to 2010 year end following investor losses because of money directed by the bank to Bernard Madoff and what was later discovered to be a Ponzi scheme.