Net profit at Geneva-based private bank Union Bancaire Privée was SFr510.5 million ($471.5 million) in 2007, up 23.5 per cent compared with 2006. Gross profit reached SFr651.1 million, an increase of 21.1 per cent year on year. Assets under management were SFr136.4 billion at the end of 2007, an increase of SFr23.8 billion over last year. Net inflows of new money came to SFr15.2 billion. Assets invested in hedge funds, the group’s speciality, were SFr60.3 billion as at 31 December 2007. Total income was SFr1,179 million, up 17.8 per cent on last year’s figure. Operating expenses increased 13.9 per cent to SFr528.7 million. At the end of the year the UBP Group comprised 1,311 staff members in 20 locations worldwide, compared with 1,257 at the end of 2006. Last year the bank opened new offices in Hong Kong, Doha, Beirut and Montevideo.