Swiss Private Banking Shifts Towards Smaller Players
Switzerland's
biggest private bank UBS continued to lose market share to
smaller, more aggressive competitors last year. UBS had originally
set out to double its funds under management within five years
after it merged with Swiss Bank Corporation 18 months ago, but
poor performance in its private banking business has caused UBS
to abandon this target. Stepping in to
fill this void were Switzerland's two biggest quoted private
banks - Julius Baer and Vontobel, both of whom matched UBS last
year with more than one third growth in funds under management.
However, despite comparable growth figures, the profits performance
of UBS's competitors was not so consistent. Julius Baer increased
its non-global custody funds by 35% to SFr 128 billion last
year, but reported only a 6% rise in its dividend to shareholders
due to increased taxes and operating costs. Vontobel, on the other
hand doubled its dividend last year based on a 30% rise in funds
to SFr 71.1billion. .
|
|
IMPORTANT NOTICE: THE LOWTAX NETWORK has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright THE LOWTAX NETWORK 1999 to 2009. Contact us for further information.