A surge in new business has been reported by Swiss private bank EFG International and UK-based wealth manager St James's Place. Both firms are standalone operations, although St James's Place is 60% owned by UK banking group HBOS.
EFG pushed up assets under management by 34% to Sfr98.3bn (â¬60.8bn) in the year to December, helped by a string of acquisitions. Assets under administration rose by an additional 17% to Sfr8.6n. Net profits rose by 44% to Sfr332m.
