The Lausanne-based Banque Cantonale Vaudoise Group’s first-quarter revenues climbed 19 per cent year-on-year to SFr224 million ($198 million), mainly due to a rebound in trading income at SFr18 million, compared with a loss of SFr35 million in the first quarter of 2008. Fee and commission income dropped 9 per cent to SFr80 million as a result of the bear market and net interest income was down 3 per cent to SFr122 million.  

With a contraction in total operating expenses, gross profit rose 65 per cent to SFr98 million. Assets under management edged up SFr681 million to SFr67.4 billion. Net new money was SFr1.1 billion.

As reported in WealthBriefing,  Stefan Bichsel - formerly with Lombard Odier - will join on 1 May as head of the asset management and trading division and Gérard Haeberli (formerly with Credit Suisse) will begin on 1 July as head of private banking.