UBP posted solid growth in the first half of the year. The Geneva-based bank, which benefited from a significant increase in assets under management, saw its net profits soar by 40.4% year-on-year to CHF 169.4 million.
UBP has had a solid first half of the financial year. Looking ahead to the second half, Chief Executive Officer Guy de Picciotto says he is confident and is prioritising organic growth by focusing on high-potential regions, including the Middle East despite the current conflict.
AWP Informations financières: Following a strong first half of the financial year, how confident are you, and what are the main factors that could help or hinder UBP’s growth in the second half?
Guy de Picciotto (GdP): We are approaching the second half of the year with optimism. The market environment remains favourable and we are already beginning to reap the benefits of the successful integration of our recent acquisitions. We are now firmly established in the major international financial centres, which enables us to benefit from several sources of growth. However, we remain vigilant in the face of uncertainties relating to inflation, monetary policies, and current geopolitical tensions.
We are approaching the second half of the year with optimism. The market environment remains favourable and we are already beginning to reap the benefits of the successful integration of our recent acquisitions.
AWP: You have integrated two banks in the space of a year. Now that this phase is over, what are your strategic priorities for the coming months: organic growth, further acquisitions, geographical expansion or strengthening specific areas of expertise?
GdP: The completion of our two major acquisitions marks the start of a very promising chapter, particularly in the UK. There, we have a distinctive offering and teams of the highest calibre. Over the coming months, our priority will be to capitalise on this momentum and accelerate organic growth in our other priority markets such as Switzerland, Europe, the Middle East, and in particular in Asia, where we are ideally positioned to benefit from the tremendous wealth creation in the region.
AWP: UBP has been active in the Middle East for over 20 years, notably with a new office in Saudi Arabia. What were the key highlights, the organisational structure in place and the impact on your activities during this first half of the financial year, which was characterised by the US-Iran conflict? Also, how do you see the second half of the financial year unfolding given the current situation?
GdP: With nearly USD 30 billion in assets under management, the Middle East is a strategic market for the group. I remain deeply convinced of this region’s potential and have no doubt that it will quickly regain its full appeal. Our teams in the area have shown great resilience and have remained close to our clients. Business is performing well, both in terms of transaction volumes and net asset inflows.
AWP: Over 60% of your assets are denominated in dollars. What impact has the US dollar had on your business?
Unlike in 2025, the dollar has remained relatively stable and foreign exchange effects have been broadly positive over the period, amounting to over USD 1.5 billion in assets under management.
Have your clients become more aggressive in their investments again, or are they remaining cautious despite the strong market performance?
GdP: Client transaction activity remained buoyant over the period, particularly in the first quarter. On the whole, they have remained invested and have benefited from the strong market performance. Against a backdrop of limited visibility, they are favouring a long-term allocation through our discretionary mandates and funds. We are also seeing growing interest in structured solutions from advisory clients. Last, we maintain a positive outlook on the US and emerging markets, which are reaping the full benefits of the strength of the technology sector.
