When figures for Edmond de Rothschild Bahamas for 2016 are stripped out, there was a published rise of 20 per cent in profits, it said in a statement.

Client assets reached an all-time high of SFr137.4 billion, the firm said. The group said a “refocusing” of its client base and on priority markets removed SFr2.5 billion from assets under management.

Costs fell 0.9 per cent over the year to SFr530 million.