Swiss private bank EFG International has reported assets under management of CHF150.7bn at the end of October 2019.
Net new money growth until the end of October was 1.7%.
The bank is said to have fared well in the UK and Continental Europe & Middle East, while returning to net inflows in Switzerland & Italy. The bank attributed the growth to all these factors.
It also accelerated its initiative of hiring new client relationship officers, with 157 new CROs in the year to date. The figure is significantly above its usual figure of 75-100 new CRO recruitments on a yearly basis.
As of 30 June 2019, the private bank’s assets under management totalled CHF147.6bn.
Combination of business units
Additionally, the bank unveiled plans to merge its Global Markets and Treasury & ALM units.
The consolidated unit- Global Markets & Treasury- will be led by global head of Treasury & ALM Kurt Haueter.
In the new role, he will report to CFO Dimitris Politis. Haueter will also sit on EFG International’s global business committee and EFG Bank’s executive committee.
Working at EFG since 2009, Haueter previously held various other senior positions at the firm including head of Financial Markets.
Meanwhile, the current head of Global Markets Maurizio Moranzoni will retire on 31 December 2019. He has held this role since October 2016.
EFG International CEO Giorgio Pradelli said: “Kurt has been with EFG for several years and has a deep understanding of our business.
“I am convinced that he will be a valuable addition to our Global Business Committee and will help to further execute our 2022 strategic plan.”