Yearly profits at the private banking arm of Liechtenstein-based fiduciary, asset management and private banking group Kaiser Partner have fallen by a third from SFr3.1 million ($3.5 million) in 2009 to SFr2 million, according to the firm’s 2010 financial results.

However, assets under management at Kaiser Ritter Partner Privatbank increased slightly - up 2.4 per cent to SFr1.8 billion.

Group results at Kaiser Partner did not fall so far, but the firm still saw overall profits drop 14.7 per cent since the previous year, while turnover also fell slightly, by 1.4 per cent.

Group-wide assets under management remained flat at SFr25 billion.

The firm described the results in a statement as “solid” and blamed a “difficult market environment” for the drop in profitability.

It also drew attention to its relatively high equity capital: the bank’s tier III ratio of 19 per cent is substantially higher than the statutory minimum of 8 per cent.

In related news, Kaiser Partner changed its name from Kaiser Ritter Partner and entered into a strategic partnership with Zurich-based investment consultancy Wellershoff & Partners in April, appointing the firm’s chief executive, Klaus Wellershoff, as its new chief economic advisor.