HSBC Guyerzeller Sees Profits and AUMs Growth Impressively

Contributing Editor

13 March 2006

Swiss-based private bank HSBC Guyerzeller saw its gross profits rise by 40 per cent to SFr62.7 million ($47.6 million) in 2005 and assets under management rise 26.1 per cent to SFr24.7 billion. The Zurich-based bank said it attracted SFr2 billion in new money last year. The bank said in its results statement: “Inflows came from all regions of the world where we are active, i.e. from Switzerland, the rest of Europe, Asia and Latin America. Growth in net money inflows can be attributed to numerous recruitments made over the course of the year to reinforce our front teams and to the greater efforts undertaken to market our services globally.” The bank added: “We market services, not products. However, our thematic equity baskets (e.g. the ‘HGZB Water Basket’, the ‘HGZB Energy Basket’ or the ‘HGZB EU Enlargement Basket’) that we formed exclusively for our clients performed spectacularly well, attracting quite some attention in the marketplace and helping us in our marketing efforts.” HSBC Guyerzeller said it head count increased to 355 at the end of 2005 and its cost/income ratio had fallen to 62 per cent from 67 per cent in 2004.