Union Bancaire Privée’s (UBP) full year net
profit remained unchanged from the prior year at CHF216m ($230m)
with assets under management (AuM) dropping 14% to CHF65bn since
year end 2009.

UBP said that the annual results were affected
by the $500m settlement it agreed to pay to Irving Picard, the
trustee seeking compensation for defrauded investors in Bernard L
Madoff Investment Securities, to settle claims it invested in the
fraudulent business.

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Assets under management down 35% since
2008

The bank has recorded a steady fall in AuM
since the onset of the financial crisis. AuM have fallen 35% from
CHF100bn since fiscal 2008.

UBP said its growing focus on emerging markets
and related investments and strategies, as well as unfavourable
exchange rates, had a negative effect on AuM in 2010.

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Confident about 2011 and
beyond

Despite the fall in AuM, the Swiss private
bank said it remained confident in its future outlook, adding that
flat net profit was a result of new strategies it has been
implementing since 2008.

These include rolling out a new range of
in-house managed investment funds, including 15 products, for its
asset management business in emerging markets.

 

Focus on emerging markets

The bank has shifted its focus on emerging
markets since 2008, in particular to the Middle East, Asia, Eastern
Europe and Latin America.

But UBP said it remains focussed on growing
its onshore client base in Europe at the same time.

The bank said it expects its investments since
2008 to crystallise in 2011 and grow its business in emerging
markets.