Reports
EFG International Says Business Performance "Solid", Names New COO

The Zurich-listed group, which operates in a number of regions, said indicators showed that its financial performance is broadly resilient in light of the global pandemic. It named a new COO, who takes up the role in the summer.
EFG
International, the Swiss private banking group, has appointed
Martin Freiermuth as chief operating officer and executive
committee member, while it also reported “solid” business
performance for the first quarter of this year.
Freiermuth will succeed Christian Flemming, who will be stepping
down to become the chief operating officer of BTG Pactual, the
firm said in a statement yesterday. Freiermuth, who will take up
his role in mid-August, will report to CEO Giorgio
Pradelli.
Prior to his new role, Freiermuth had worked at Banque
Internationale à Luxembourg since 2014 where he served as group
head products and markets. He had also been a member of the
executive committee since October 2018. From 2002 to 2013, he
worked at Bank Vontobel in Zurich, where he held a number of
senior management positions, including head of private banking
services.
Paying tribute to Flemming, EFG said that he had been
“instrumental” in EFG’s development over the past years, such as
the integration of the acquired BSI private banking business
about four years ago.
“Furthermore, he played a vital role in executing EFG’s strategic
plan and further developing the bank’s operational and real
estate platform to increase efficiency and ensure high-quality
services to CROs and clients – including during the current
coronavirus situation, guaranteeing EFG’s operational resilience
and uninterrupted service,” it said.
EFG International will report its results for the first half of
2020 on 22 July.
Commenting on recent financial performance, the bank said it has
“registered positive inflows, with an annualised net new asset
growth rate of 2.5 per cent”. The UK, Continental European,
Middle Eastern and Latin American regions made notable
contributions, offset by deleveraging trends in Asia-Pacific.
Falls in markets and the adverse impact of foreign exchange
movements have led to a decline in assets under management “in
line with the industry”.
“Assets under management have rebounded slightly throughout April
and currently stand at SFr139.7 billion,” it said.
The bank said it has recorded increased client activity, with net
commission income at its “highest level in the bank’s recent
history”.