Clariden Leu is to implement an efficiency
drive to tackle rising operating costs as it became the latest
victim of Swiss currency fluctuations battling declining net
profits and assets under management.

The Swiss bank reported net profit of CHF155m
($197m), down 26%, compared with CHF209m in the second half of
2010.

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Clariden saw its assets under management (AuM)
decline 4% in the first six months of 2011 to CHF94bn, from CHF96bn
as at 31 December 2010.

Clariden’s AuM also declined on a year-on-year
basis, down 5%, compared with CHF99bn for the corresponding period
in 2010.

 

‘Challenging conditions’: the new
normal

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The bank said it expects a “volatile
environment” and “challenging conditions” in the second half of
2011 and promised to implement measures to improve efficiency.

One of these measures has already taken place.

In June, Clariden underwent a major restructuring, creating a
new market and wealth management division and organising into two
geographical groups: Switzerland and Europe, and International
Markets.

The bank declined to comment on the precise
ways it would address current inefficiencies, when contacted by
PBI.

 

A glimpse of hope

Clariden’s net new assets (NNA) reached
CHF3.3bn for the first six months ending 30 June, compared with a
CHF0.6bn outflow as at 31 December 2010.

The assets also grew on a year-on-year basis,
compared with a CHF0.8bn outflow in the first half of 2010.

Growth was driven by gains in emerging
markets, particularly the Middle East, Asia, and Southern and
Eastern Europe.