Société Générale Private Bank has reported
mixed results for its first quarter of 2010, with a 19% drop in net
banking income counterbalanced by €1.4bn ($1.8) of net new money
gains.
The private bank continues to grow with assets
under management (AuM) up €3.7bn compared to 31 December 2009.
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Société Générale Private Bank’s AuM amounted
to €79.1bn in the first quarter of 2010, almost 5% higher than at
31 December 2009, helped by net inflows, positive market and
currency increases.
The private bank said an improvement in the
economic and financial environment has prompted a return to
risk-taking, with liquid assets reduced in favour of equity assets,
structured products and bonds.
“This reallocation of AuM has had a downward
impact on treasury revenues, adversely affecting private banking
activity,” Société Générale Private Bank said in its quarterly
report.
This counters research into ultra high net
worth individuals (UHNWI) by the Economist Intelligence Unit, on
behalf of Société Générale Private Bank, released last month.
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By GlobalDataThe research,
The new world of wealth, said that as a result of the
global financial crisis UHNWI had moved from choosing complex
investment products, such as hedge funds and derivatives, to
products which were simpler, more transparent and offered more
liquidity.
The study also found the global financial
crisis had caused a “trust crisis” between UHNWI and their
investment advisers.
