Merrill Lynch’s private banking business in Switzerland reported a 24 per cent rise in profits to SFr34.8 million ($28.8 million) in 2005, a...

Merrill Lynch’s private banking business in Switzerland reported a 24 per cent rise in profits to SFr34.8 million ($28.8 million) in 2005, according to its annual report. Merrill said profits were boosted by growth in mandates from ultra-high net worth families and business from emerging economies in Latin America and the Middle East. Assets under management rose 24 per cent to SFr19 billion but net new money inflows were SFr473 million, down from SFr1.7 billion in 2004.