Valartis, the Swiss banking group, made a profit of SFr16.1 million (around $17.8 million) in its private clients segment in 2011, more than 30 per cent higher than in 2010.

The group, which has been refocusing on wealth management and private banking since 2008, made a loss across its divisions of SFr18.5 million, compared with a profit of SFr9.2 million in 2010. The bank attributed the loss to the economic difficulties in the first half of the year.

Valartis recorded net new funds of SFr862 million in 2011, a fourfold increase on the year before. Because of market and currency conditions, however, the firm’s assets under management reached SFr6.8 billion at the end of 2011, up SFr5 billion on 2010.

The group calls its focus on high net worth private clients and institutional investors “Private Banking Plus”, which it offers through three branches in Switzerland, one in Austria and one in Liechtenstein.