This year’s activity report section, titled ‘A year of controlled growth’, outlines our development in 2025, both geographically and in business, with the expansion of our UK activities, and the scaling up of our structured products and institutional capabilities, as well as increased momentum in Wealth Management.
Swiss foundations, global ambitions
Geopolitical tensions, economic polarisation, protectionist policies, and climate change continue to challenge the global economy. These factors create an environment of uncertainty and complexity that defines our daily reality. Yet, within these challenges lie opportunities to adapt and innovate. In a year marked by unprecedented volatility, our Bank navigated these uncertainties, growing and emerging stronger, to reinforce its position as a leading international and family-owned bank.
In 2025, we completed the integration of Societe Generale Private Banking in Switzerland and SG Kleinwort Hambros in the UK. The migrations onto UBP’s platforms were successfully carried out in May and November respectively. These acquisitions have strengthened our presence in the UK and Jersey, and established new UBP offices in Guernsey and Gibraltar, as well as UK regional offices. Now close to half of our employees are based outside Switzerland, working across 30 locations worldwide, and our workforce represents 66 nationalities. This international footprint allows us to provide clients with global expertise and access to multi-booking capabilities.
Alongside business expansion, our commitment to operational excellence was reflected in our investments in our IT infrastructure as well as artificial intelligence (AI) technologies to streamline processes, enhance risk management, and bolster cybersecurity. These advancements ensure UBP delivers tailored, high-quality investment solutions while upholding the highest standards of compliance.
A conviction-driven investment approach
Economic turbulence fuelled by President Trump’s trade agenda shaped the course of 2025. The imposition of higher tariffs together with policy shifts, renewed US–China tensions, and escalating geopolitical risks in the Middle East all contributed to heightened uncertainty. However, our conviction-based approach combined with our agility paid off. Despite these headwinds, 2025 proved to be a strong year for UBP’s investment strategy.
Our asset allocation experts adjusted their actions swiftly to align with the fast-changing market opportunities and the investment teams leveraged the full range of our investment architecture, diversifying sources of performance and prioritising risk management to navigate the financial landscape. Together, these efforts enabled our clients to access a broad range of asset classes and investment opportunities and to achieve robust performances.
"Our conviction-based approach combinedwith our agility paid off"
UBP’s structured products activity continued to grow, with the total volume traded reaching USD 7.6 billion. This strengthens UBP’s position as one of the leading players in the distribution of these investment solutions within the private banking sector. It also contributes to the diversification of our offering and its alignment with the Bank’s investment values, alongside the creation of tailor-made solutions for clients seeking an optimised risk–return profile.
The Institutional Clients division grew by more than 5% over the year, increasing client assets to a total of CHF 32.4 billion driven by inflows and favourable market conditions. Geographically, we recorded growth in assets under management with particularly strong performances in Switzerland, Italy, Spain, and Latin America. We also experienced positive developments in Asia and the Middle East, with continued success in China through the QDLP programmes.
While remaining within the boundaries of our solid credit risk management, UBP achieved a significant milestone, with its credit book surpassing the CHF 14 billion mark. This success is attributable to the launch of innovative credit solutions, the implementation of a more flexible credit policy, and a concerted effort to enhance the accessibility of our credit offerings.
Client-centric expansion
Building on the momentum of recent acquisitions, the Bank focused on innovative and bespoke solutions, achieving key milestones through tailored client initiatives, operational improvements, and geographic expansion.
In Switzerland, we strengthened client relationships through closer collaboration between wealth management and wealth planning teams, and expanded our presence in key markets through targeted recruitment of experienced relationship managers. Our External Asset Managers team grew steadily and now comprises over 30 seasoned relationship managers based in four jurisdictions of the Group. This includes a dedicated desk in Singapore.
As part of its strategic growth, UBP relocated its European headquarters to the business district of Luxembourg’s capital, creating an optimal environment for both employees and clients. The entity is now a major hub for the group with nearly 150 staff and CHF 30 billion in assets under management. This move reflects our commitment to expanding in Europe and also to establishing Luxembourg as a key location for fiduciary deposits, complementing our existing centres in London and Singapore, and reinforces UBP’s position as a leading player in the fiduciary deposit market. In addition to serving our own clients, we collaborate with over 30 financial institutions across Switzerland, demonstrating our ability to meet the diverse needs of a wide range of partners.
In Asia, Hong Kong and Singapore saw robust asset inflows in 2025, reflecting growing client confidence and investment activity. Enhancements to our regional platform included actively managed certificates for Asia-based clients and the launch of the Variable Capital Company in Singapore, offering locally domiciled funds.
The Middle East remains a major market for the Group, with more than 100 professionals globally managing over USD 30 billion in assets to date. The opening of our Riyadh office in 2025, highlighting our belief in the Middle East, enables us to better serve private clients, family offices, and institutions in the region with tailored solutions addressing their local and global needs alike.
In 2025, UBP continued to build on its holistic, 360°, approach to wealth management, seamlessly integrating financial and non-financial advice to meet the evolving needs of our sophisticated clientele. With a strong presence in Geneva, Zurich, London, Dubai, Luxembourg, and Monaco, our Estate Planning & Family Wealth Solutions team worked diligently to ensure that the values, aspirations, and long-term visions of our clients shape every decision, solidifying our position as a trusted partner for ultra-high-net-worth families. They provide a single entry point to a global perspective, combining institutional expertise with a deep understanding of family dynamics such as succession planning, family governance, and next-generation engagement.
"With a presence in key markets, we offer both global perspective and local insight"
Delivering quality consistently
We continued to adapt our Group’s control and compliance framework to ensure full alignment with regulatory standards in areas such as anti-money laundering and terrorist financing, sanctions programmes, market conduct, investment suitability, and cross-border operations. In addition, we further shored up our Compliance capabilities through the addition of new team members with diverse skill sets and profiles.
Complementing those developments, our business expansion was further supported by significant investments in modernising our IT infrastructure. Upgrades to client and securities databases, trading platforms, and the client reporting platform – now featuring refreshed and user-friendly client reporting documents – help us constantly improve and speed up our services.
Furthermore, in recent years, we have been actively integrating advanced AI technologies across our operations to enhance efficiency and foster innovation. AI is being deployed in critical operational areas, enabling more effective information analysis and streamlined compliance procedures. In 2025, we also continued to support our regular awareness campaigns on cybersecurity to ensure robust risk management practices.
On the Investment Management side, we achieved a key milestone by implementing a new governance framework to enhance product origination and oversight, ensuring alignment with evolving market demands. In Europe, the addition of senior salespeople brought fresh perspectives and energy to our teams. We also strengthened our Investment Marketing capabilities to improve communication on the Bank’s investment strategy by delivering timely and relevant materials. This reinforced UBP’s conviction-driven investment identity, while enhancing the client experience.
Investing in people & sustainability
Our growth was further driven by a strong commitment to cultivating a high-calibre workforce. As an employer of choice, we strive to attract and develop top talent at all levels, from experienced professionals to young people embarking on their careers. In this last demographic, we take pride in our tradition of training apprentices through a comprehensive three-year programme, equipping them with wide-ranging expertise and preparing them to make meaningful contributions to the Bank’s ongoing success.
We also continued to enhance our sustainability risk framework in 2025. This initiative ensures compliance with regulations while strengthening our ability to address societal and environmental risks impacting operations and investments. Our approach includes structuring the framework around key sustainability topics, developing aligned performance and risk indicators, and integrating sustainability risks into traditional risk categories.
Robust growth, financial resilience
In 2025, the Bank delivered strong financial results, driven by strategic acquisitions and organic growth. Client assets grew by 19.5% to CHF 184.5 billion. In USD terms, they grew by 36.7% to USD 232.9 billion, up from USD 170.4 billion at the end of 2024. Net inflows increased by CHF 2.7 billion, reflecting the attractiveness of our value proposition in key markets like Asia, the Middle East, and Monaco. Our total income rose 12.5% to CHF 1.51 billion, fuelled by a 13.1% increase in fees and commissions and strong trading activity.
Despite a 15.7% rise in operating expenses due to acquisitions, restructuring, and investments in compliance and technology, group profit grew 4.4% to CHF 268.6 million, with a cost/income ratio of 69.6%.
UBP achieved a 13.1% increase in net interest income to CHF 546.1 million, demonstrating resilience despite lower central bank rates. The launch of a Euro Commercial Paper programme further diversified liquidity sources and enhanced funding flexibility. Following two major acquisitions, UBP recalibrated its risk-weighted asset consumption to 0% to support its Tier 1 ratio, which reached 23.1% – more than double the levels required by Swiss regulations. The Bank’s Liquidity Coverage Ratio also exceeds required levels and remains strong at 276.4%, supported by deposits from prominent supranational and government-related entities.
UBP’s financial strength was recognised with a Long-Term (A) and Short-Term (A-1) public rating from S&P, complementing its Moody’s Aa2 Long-Term Deposit and A2 Senior Unsecured Issuer ratings, as well as an A+ Issuer rating from Fedafin. Moody’s reaffirmed its Aa2 Long-Term Deposit rating with a stable outlook, underscoring UBP’s robust creditworthiness and commitment to financial excellence.
Scaling up with discipline
In 2025 we scaled up, and our new size requires us more than ever to be highly adaptable. Scaling up means showing greater agility and discipline – discipline in aiming for excellence in the services we provide, in the consistency and quality of the investment solutions we offer clients worldwide, and in upholding the highest standards of compliance and risk management. As we grow, we recognise the critical importance of maintaining robust governance frameworks, adhering to evolving regulatory requirements, and proactively managing risks to safeguard the trust our clients place in us.
The achievements of the past year are a testament to the Bank’s resilience, adaptability, and vision. As we continue to expand our global footprint and invest in cutting-edge solutions, we are well-positioned to seize new opportunities and deliver sustainable growth. The road ahead is filled with promise, and we are keen to embark on this journey with our clients, partners, and stakeholders by our side.
