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UBP Holding Off From More Acquisitions As Work To Bed In Coutts Business Proceeds - Report

Tom Burroughes

22 June 2015

, will take more than 60 to 70 per cent of client money held by that operation, UBP’s chief executive reportedly has said.

Guy de Picciotto also told finews.ch, a Swiss news service, that the Geneva-headquartered private bank will not make further acquisitions in the coming two years as the Coutts International business is being integrated.

This publication recently interviewed UBP about its strategy and the recent purchase of the Coutts operation here.

The acquisition of Coutts Internatinal will add around SFr30 billion ($32.5 billion) to UBP's assets under management, adding to its presence in Asia. De Picciotto also reportedly said he hoped UBP's case around alleged tax evasion will close this summer. UBP said in December 2013 it would cooperate with US officials.

If UBP does manage to bring over more than two-thirds of the client money as a result of the acquisition, that result may be seen as broadly satisfactory, given the inevitable attrition of client numbers and AuM that appear to be inevitable features of merger and acquisition deals.