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Banking

Private banking survey 2004 profiles

UBS Wealth Management, Sarasin, Bordier & Cie, Credit Suisse Private Banking, Coutts, Bank Privat, Degroof, Mandatum, SG Private Banking, Sal Oppenheim, CenE Bankiers, Banif, Cuatrecasas, Carnegie, Citco, Man Group, Noriba, UBS, PwC.

Full results and methodology |  The reinvention of private banking 

UBS Wealth Management, Sarasin, Bordier & Cie, Credit Suisse Private Banking, Coutts, Bank Privat, Degroof, Mandatum, SG Private Banking, Sal Oppenheim, CenE Bankiers, Banif, Cuatrecasas, Carnegie, Citco, Man Group, Noriba, UBS, PwC:

UBS Wealth Management: reaping rewards of European growth




UBS Wealth Management is starting to reap the benefits of the European initiative it launched in 2001. It attracted SFr23.3 billion ($18.6 billion) in net new money in the first nine months of 2003. Europe accounts for 39% of that, posting annualized growth of 43%.

In addition to attracting new clients, the initiative meant the bank was well positioned to retain most of the assets repatriated to Italy from Switzerland after a tax amnesty. It should also limit the impact of the introduction of tax amnesties by other European countries such as Germany and Belgium.

International outperformance

The vast majority of net new money for the first nine months of 2003 came from international clients, with European clients making up 40% of that. Only 3% of net new money for the period can be attributed to the Swiss client business. The size of invested assets grew from SFr688 billion at the end of 2002 to reach SFr693 billion on September 30 2003.

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