The Zurich subsidiary of the French group Rothschild & Co posted a net outflow of 211 million Swiss francs in 2017. “This development did not meet our expectations,” said bank chief Laurent Gagnebin on Friday in an interview with the French-French newspaper “l’Agefi”. The main reason for the decline was outflows from two specialized funds.
Nonetheless, the assets under management of the Zurich Private Bank increased, mainly due to the good development on the financial markets. At the end of December, they grew by 3.4 percent to CHF 12.2 billion.
Taking into account the Swiss business managed by Rothschild & Co’s London subsidiary, the volume on the Swiss platform of the group amounted to 26 billion euros. Inflows were mainly from England, Germany and Switzerland, it was said.
2018 “very good” start
The Rothschild Bank has changed the reporting in 2017 to the calendar year, after completing the financial year before each March. Overall, Gagnebin was satisfied with the 2017 business review.
The Rothschild Bank has improved its profitability. In addition, the year 2018 started “very well”. The increased market volatility of recent months has led to an increase in customer activity, says Gagnebin.