Swiss private bank UBP has unveiled that its assets under management (AuM) reached CHF140.3bn ($144.8bn) as of 31 December 2019, up 11% from a year ago.

The growth was said to be driven by inflows CHF4.5bn, primarily from private and institutional clients.

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It was also due to managed mandates faring well along with favourable markets, UBP stated.

Revenue of CHF1.07bn was slightly higher than the previous year. However, the private bank’s net earnings dipped 7% to CHF187.8m from CHF202.4m.

The 2019 performance was affected by UBP being fined an additional $14m over unreported accounts in the US. The performance was also hit by the sale of London real estate property.

Operating expenses rose 4% year-on-year to CHF725.2m, driven by digital investments as well as investments in London and Luxembourg.

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The bank’s balance sheet was flat at CHF32.8bn at end-December 2019.

The cost/income ratio was 67.9% at the end of December 2019, versus 65.8% in the prior year.

The Tier 1 ratio at the end of this period stood at 25.6%. This was said to be substantially above the minimum requirements of Basel III and FINMA.

UBP CEO Guy de Picciotto said: “Our industry is facing major challenges such as negative interest rates, margin pressure, new competitors, and digital development.

“It is, therefore, vital that we continuously anticipate, innovate and adapt our offering to the fast-changing requirements of both private and institutional clients, as demonstrated by our successful private market product offering.”

Developments at UBP in 2019

Around a year ago, UBP launched a new asset management subsidiary in Taiwan.

Later last year, the bank received a wholesale banking licence in Singapore as well as signed a private equity partnership with Rothschild & Co.