The Luxembourg-based wealth manager trimmed its losses last year, as copious investments in expanding began to show fruits in revenue.
Quintet narrowed its annual net loss to 20.3 million euros ($24.2 million) from 43.7 million euros last year, according to accounts published on Friday. The Qatari-owned bank – known as KBL until last year – hiked revenue by more than 15 percent to 513 million euros, including through an undisclosed one-time gain.
The emirate's ruling al-Thani family bought the wealth manager from troubled Belgian bank KBC in 2011 for 1.05 billion euros. Quintet is attempting a revival of its fortunes by rebranding, fixing unprofitable boutiques, digitizing, hiring dozens of private bankers (many from UBS), and opening a Swiss arm which now counts 80 employees.
Qatari Connection
Its managed assets rose by 3.5 billion euros to 85 billion euros, largely due to net new money according to CEO Jakob Stott. He took over last year following the sudden death of CEO Juerg Zeltner to a terminal illness.
Quintet took in 112 million euros last year from the al-Thanis in order to finance its revival and expansion. Qatar's sovereign wealth fund is the largest investor in Credit Suisse, which took an emergency infusion of cash this week.
