Bank Sarasin, the Swiss private bank, has
launched a service that releases the value of non-tradeable assets
for high net worth individuals (HNWI) to release equity, reduce
risk and enhance yield.
The bank said it wants to capitalise on an
“underexploited universe of assets” by offering investment advice
and solutions for non-tradeable assets, such as real estate and
private equity holdings. More unusual assets include
intellectual property and lifestyle assets.
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It means that clients will benefit from equity
released from assets, yield enhancement and a reduction in risk as
value is diversified.
The move is in response to indications that
only a small proportion of the overall wealth of European HNWIs is
held in tradeable assets such as cash, securities or precious
metals.
Due to the nature of the assets considered
“non-tradeable”, Bank Sarasin is targeting entrepreneurs and senior
executives interested in freeing up liquidity, or reduce risks
associated with those assets.
The offering is also geared to owners of
intellectual property or private individuals seeking bespoke
solutions for managing real estate or for successor and estate
planning.
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By GlobalData
“Slighty unconventional”: Eric Sarasin
Eric Sarasin, head of private banking at the
bank, admitted the strategy was “slightly unconventional” but is a
forward looking approach.
Pre-tax profit for the group rose 11.5% to
CHF60m ($59.8m) in the six months to July 2010. Net new money
grew 14% to CHF6.4bn and total assets under management (AuM)
reached CHF96.2bn from CHF93.6bn a year earlier.
The bank said it is sticking by its targets to
boost net new money by 10% to CHF9.4bn and AuM to CHF100bn by the
end of 2010 “as long as financial markets remain stable”.
The bank is looking at expanding its presence
in the Middle East, alongside its focus on Europe, by opening
offices in Bahrain and Abu Dhabi.
