Banque Eric Sturdza swung a profit following an annual loss, but bled substantial assets.
The Swiss wealth and asset manager's profit stood at 400,000 Swiss francs ($438,000), according to Swiss outlet «Financecorner» (in French). Last year, Banque Eric Sturdza's unsuccessful bid to smooth its tax bill pushed it to a net loss.
The firm's managed assets fell by 500 million francs to 2.6 billion francs. Besides client withdrawals, the assets were hit by unfavorable financial market performance. This also hit revenue, which sank by seven percent to 31.4 billion francs.
