Hamburg-based private bank, Berenberg Bank, said that net profits rose 25 per cent in 2005 to €49.7 million ($62.2 million). The bank al...

Hamburg-based private bank, Berenberg Bank, said that net profits rose 25 per cent in 2005 to €49.7 million ($62.2 million). The bank also said it had added €1.5 billion to its €14 billion of assets under management in the first quarter of 2006 alone, with €500 million of this coming directly from private clients. Separately, the bank said it has signed an agreement with the state-owned NordLB and 20 smaller Sparkassen savings banks for those banks to sell Berenberg asset management products. NordLB currently has a 25 per cent stake in Berenberg. The bank's three managing partners and the Berenberg family control 33 per cent of the bank.