Assets under management of Union Bancaire Privée, UBP SA (“UBP”) rose by 11.5% to CHF 110 billion as a result of inflows from institutional clients, and those coming from the Coutts EMEA (Europe, Middle East & Africa) acquisition.
The operating result (excluding restructuring costs and provisions) reached CHF 152 million (CHF163 million at the end of 2014); a slight decline in a period of particularly challenging circumstances, due mainly to negative interest rates and currency effects.
Taking into account the one-off costs related to the integration of Coutts EMEA, and the settlement with US Department of Justice’s Swiss Bank Program (USD 188 million), net profit amounted to CHF 25.2 million.