EFG International has seen growth slowing in the past four months, with customers in Asia being particularly reluctant as markets became more choppy.
EFG International had assets under management totaling 140.1 billion Swiss francs ($139.5 billion) at the end of October, the private bank said in a statement on Thursday. At the end of 2017, assets had amounted to 142 billion francs and by the end of the first half they had risen to 142.7 billion.
The reason for the decline was the performance of the stock exchange and some withdrawals stemming from the integration of BSI. The bank had generated new monies in recent months, but at the lower end of the target range of 3 percent to 6 percent.
Switzerland and Italy Back to Growth
The key markets of Switzerland and Italy returned to positive underlying net asset inflows in the period from July to end-October, while the Asia region had a weaker performance as a result of reduced client risk appetite given the increased market volatility, the bank said.
The integration of Banca della Svizzera Italiana (BSI) also led to a further withdrawal of 1.4 billion francs in assets over the past four months, in line with the bank’s expectations.
Strategy Update in March
EFG will provide an investor update on March 13 and a strategic outlook for the years through 2022. The full-year report will be published on the same day.
