Bank Sarasin reported net profits falling by 23% year-on-year to SFr75.3m in the first half of 2008, but net new money grew by SFr7.2bn in the first half, compared with SFr6bn in the same period a year ago.

The Basel-based bank said total assets under management fell by 2% in the first half to SFr81.4bn due to adverse market conditions and currency movements.