Brazilian-Swiss private bank J. Safra Sarasin enjoys a large inflow of new money and looks to extend growth.
Net profit at J. Safra Sarasin increased 5.7 percent in 2021 to 423.2 million Swiss francs ($463 million), from just over 400 million the year before, the secretive bank said in a statement Monday.
Assets under management rose 17 percent to 224.7 billion, with new money inflows of 15 billion francs contributing nearly half of the increase in assets.
Attracting New Talent
The bank said its balance sheet is «strong,» showing assets of 42.3 billion francs, of which 8.8 billion are liquid. Core capital increased to 5.7 billion francs from 5.4 billion, with its core capital ratio of 39 percent well in excess of regulatory requirements.
The wealth manager's chairman Juerg Haller, seeks to build on the momentum of 2021 in the months ahead. «We continue to invest in the growth of our business by attracting new talent in all regions, supporting outstanding teams by ensuring they have the right tools, products and a healthy environment in which to thrive,» he said.
Currently, the group employs around 2,300 people in over 25 locations in Europe, Asia, the Middle East, Latin America and the Caribbean.
Acquisitions
Recent expansion initiatives include acquiring the Asian wealth management business of Canada's Bank of Montreal in early 2021, and the opening of a branch in Madrid in January.
In February it fully acquired Swiss bank Zweiplus from Luxembourg-based Aabar Trading, which was also the owner of the now liquidated Falcon Private Bank in Zurich.
